Qantev, the Artificial Intelligence (AI) insurtech for health insurers, raises 10 million euros in its Series A funding round. The fund will be used to fuel the company’s continued global market expansion and grow its AI & Engineering team to enhance its health claims platform for insurers. Omnes and RAISE Ventures led the round, with continued support from Elaia with the PSL (Paris Sciences & Lettres) Innovation Fund - a fund intended to support the most promising tech-focused startups.

Co-founded by Tarik Dadi (CEO) and Hadrien De March (CTO) in 2019, Qantev has built a unique, AI-based data analytics solution designed to improve health insurers’ operations, including health data management, automation triage and resolution of simple claims, as well as overall enablement of better and more informed decision making. In the last 12 months, Qantev has deployed its solution across a number of markets in Europe, Asia and North America, enabling fast and impactful data transformation within insurers.

Health is the fastest-growing business line for insurers globally, it faces incredibly complex challenges due to an increase in utilisation driven by the ageing population, sedentary lifestyle, and medical inflation. This is also giving rise to claims leakage issues, caused by improper management and a lack of standardisation of data. According to IBM, last year claims leakage was the number one concern for non-life insurers, with inefficient claims processes costing insurers more than $30B per year. By reducing claims leakage, insurers can save 5% to 10% of their claims’ costs, saving millions of dollars. 

Qantev provides a platform to clean, enrich and standardise data, allowing intelligence modules to provide high levels of insight and optimisation. Through its disruptive health claims and network management solutions, Qantev’s AI solution helps doctors, nurses, and operators working in insurance companies and third-party administrators to make better and faster decisions as customer demands evolve in a post-pandemic world. 

Commenting on the news, Tarik Dadi said: ‍“Qantev’s momentum is growing and I am pleased to see our business going from strength to strength. This latest financing round will enable us to accelerate deployment to satisfy our customers' data transformation needs, delivering results in a matter of weeks, and to fuel our desire to develop the most advanced software and AI algorithms to turbocharge health insurance - we’re aiming to achieve this by building a team with the most talented engineers and researchers. We also have plans to expand our business in Asia and North America with the hiring of dedicated regional managers and local office openings, which will help us to closely support our clients and partners.”

“Qantev is entering a new and exciting milestone, especially with its international expansion. The company’s proposition is perfectly aligned with the needs of health insurers’ who want to provide the best service to their policyholders, while optimising their costs and productivity. At a time where digitalisation of the health insurance sector is a key driver, we believe in Qantev’s ambition to enable these transformations through innovative and efficient solutions.” added Stéphane Pesqué, Partner at RAISE Ventures.