4 years ago
Qumata Raises $10M to Transform Insurance Underwriting with Digital Health Data
London-based insurtech startup HealthyHealth has rebranded to Qumata and secured $10 million (£7 million) in Series A funding
The round was led by MMC Ventures, with participation from AdirVentures, family offices, and existing investors
The funding will fuel Qumata's global expansion and product development efforts
The company's API solution streamlines the insurance underwriting process by leveraging digital health data from wearables and mobile devices.
ProblemFinancial Services
"Traditional life and health insurance underwriting is time-consuming and invasive, relying on questionnaires and medical exams. This process can be frustrating for applicants and lead to lower conversion rates for insurers."
Solution
"Qumata offers an API solution that allows life and health insurance applicants to share their digital health data, such as data from mobile devices and wearables, instead of traditional questionnaires or medical exams. This data is then analyzed to predict the applicant's risk of developing medical conditions and assess their overall health, enabling insurers to make more accurate risk assessments and offer more personalized premiums."
