Qantev, an AI-powered health and life insurance claims platform, has raised €30m ($32.8m) in a funding round led by Blossom Capital.
The funding round, which also saw contributions from existing investors Elaia, Omnes and RAISE Venture, brings Qantev’s total capital raised to more than €40m.
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France-based Qantev, founded in 2019 by former AXA lead data scientist and CEO Tarik Dadi, along with CTO Hadrien De March, a former quantitative analyst, aims to address the challenges of rising medical costs and increasing demand for health insurance.
With projections indicating global medical costs could rise by 9.9% by the end of the year, and 58% of insurers concerned about further increases by 2027, Qantev’s AI-driven software seeks to provide a timely solution.
The platform automates the claims process, claiming to reduce the time from days to minutes, and serves major insurers such as AXA, Generali and FWD.
Qantev’s technology utilises historical claims data to understand patient journeys and behaviours, assisting insurers in making faster and more accurate decisions.
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By GlobalDataThis allows medical professionals to concentrate on patient care without the interruption of administrative tasks.
The platform also identifies workflow inefficiencies, potentially saving up to €8m annually in operational costs for insurers.
With the fresh capital, Qantev plans to enhance its platform, recruit top AI and engineering talent, and pursue global expansion.
The company aims to accelerate research and development, adding advanced AI modules to further optimise claims processing and decision-making.
Qantev’s global expansion strategy includes a focus on North America and Asia, where it seeks to tap into new customer segments and tailor its offerings to regional insurers’ needs.
Currently, Qantev powers the claims processes of customers in 12 countries, with teams in Paris, Hong Kong and the UK.
Over the past year, the company has more than doubled its headcount.
Dadi said: “A perfect storm of increased costs, post-Covid backlogs, chronic diseases, an ageing population and increased demand means healthcare insurers can no longer keep up with paperwork.
“As an operator in the global health insurance sector, I witnessed and experienced the pain points our customers are feeling and we are using decades of experience to make claims more efficient, accurate and beneficial for all.”
Blossom Capital founder Ophelia Brown said: “Qantev’s laser focus on the soaring health and life insurance market, combined with its deep expertise in AI, insurance and data analytics, makes it best placed to solve the very real and rising problems being seen across the healthcare industry.
“Insurers are crying out for technology that can both address the challenges they face and scale in line with their own ambitions. This is exactly what Qantev provides.”
