London-based insurance company HealthyHealth changes name to Qumata, secures £ 7million in funding

Healthy, based in London, is a startup focused on transforming the life and health insurance underwriting journey through digital data. In a recent development, the company just announced that it has raised $ 10million (almost £ 7million) in a Series A funding round. Additionally, alongside the latest investment, the company was renamed Qumata.

Global expansion plans

The investment round was led by MMC Ventures with participation from AdirVentures, a number of other family offices and existing investors, including TMT Investments PLC.

The funds will help the company accelerate the global expansion of the current offering, following the commercial launch of the product with several large listed insurers in Europe, Asia-Pacific, the United Kingdom and North America. In addition, it will help the company to take advantage of the growing market demand.

In addition, current board members Luca Schnettler, Etienne Bourdon and Richard di Benedetto will be joined by Oliver Richards, partner at MMC Ventures and Barry Karfunkel, previously CEO of National General Insurance, listed on Nasdaq, and now founder. AdirVentures.

“Insurers are increasingly embracing digital innovation, but there are still significant opportunities for optimization, especially in the underwriting process. Our customers are already seeing significant benefits in using our technology to transform the traditional underwriting journey and benefiting from higher conversion rates and better underwriting results, ”commented Luca Schnettler, Qumata Group CEO,“ We ​​are also excited to announce our new brand. Since our founding in 2017, the company has evolved and built a strong presence in the world of insurance. As Qumata, we enable insurers to unlock the wealth of human data in mobile and portable devices – safely, securely and with the full consent of the client. “

“Qumata is uniquely positioned to deliver a much-needed transformation to traditional life and health insurance underwriting, with a truly innovative data science-based solution that is unique in the market,” said Oliver Richards, partner at MMC Ventures. “With a proven technology platform, a strong management team in place and ambitious plans for international growth, we are delighted to be a part of this exciting journey. “

HealthyHealth becomes Qumata

Qumata is well positioned to become the market benchmark for underwriting. With increasing levels of data available on individual health and wellness via mobile devices and wearable devices, there is a rich universe of information that insurers can acquire about the lifestyle and health of applicants, allowing thus to these an easier and more convenient purchasing process.

Replaces the traditional insurance process

Founded in 2017 by Etienne Bourdon and Luca Schnettler, Qumata’s API solution is integrated by insurance companies across multiple distribution channels, ranging from linked agents to independent intermediaries and online channels. This unique solution allows life and health insurance claimants to share their digital health data instead of time-consuming questionnaires or invasive medical exams.

Once consent is given by the applicant, their data is analyzed to predict applicants’ risk of developing medical conditions ranked among the hundreds and to assess “extra-mortality” and risks typically assessed by insurers to calculate their commercial premiums. . This simple and innovative API solution can replace traditional questionnaires and allows insurers to benefit from higher conversion rates, more precise risk selection and cheaper and automated underwriting.

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