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London insurance company HealthyHealth rebrands to Qumata, picks up £7M funding

Healthyhealth

HealthyHealth, 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 has just announced that it picked up $10 million (nearly £7 million) in a Series A funding round. Also, along with the latest investment, the firm has been rebranded Qumata.

Global expansion plans

The investment round was led by MMC Ventures along 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, after launching the product commercially with multiple large, listed insurers in Europe, Asia Pacific, the UK and North America. Also, it will help the company capitalise on growing market demand.

Furthermore, 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 at Nasdaq-listed National General Insurance, and now Founder of AdirVentures.

“Insurers are increasingly embracing digital innovation, but there is still significant opportunity for further optimisation, particularly 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 improved underwriting outcomes,” commented Luca Schnettler, Group CEO at Qumata, “We are also excited to announce our new brand. Since our founding in 2017, the business has evolved and built a strong presence in the insurance world. As Qumata, we are enabling insurers to unlock the wealth of human data in mobile devices and wearables – safely, securely and with full customer consent.”

“Qumata is well placed to bring much-needed transformation to traditional life and health insurance underwriting, with a genuinely innovative data science-led solution that is unique in the market”, added Oliver Richards, Partner at MMC Ventures. “With a proven technology platform, a strong leadership team in place and ambitious plans for international growth, we are delighted to be part of this exciting journey.”

HealthyHealth becomes Qumata

Qumata is well-positioned to become the market standard in the underwriting field. With increasing levels of data available about individual health and wellbeing through mobile devices and wearables, there is a rich universe of insight that insurers can gain on the lifestyle and health of applicants, thereby enabling the latter an easier and more convenient buying process.

Replaces 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 tied agents to independent intermediaries and online channels. This unique solution allows life and health insurance applicants to share their digital health data instead of the time-consuming questionnaires or invasive medical exams.

Once consent is provided by the applicant, their data is analysed to predict applicants’ risk of developing medical conditions classified among hundreds and to assess ‘extra-mortality’ and risks typically rated by insurers to derive their commercial premiums. This simple, innovative API solution can replace traditional questionnaires, and lets insurers experience higher conversion rates, more accurate risk selection, and cheaper and automated underwriting.