Qantev, a pioneering AI-driven platform reshaping the landscape of health and life insurance, has successfully raised €30 million in a recent funding round led by Blossom Capital. Existing investors, including Elaia, Omnes, and RAISE Venture, also participated in this round. The new capital will enable Qantev to strengthen its technological offerings, expand its global reach, and enhance its talent pool.

Investment Focus

With the influx of funding, Qantev has outlined a strategic plan centered around three main areas of development. First, the company aims to enhance its platform by ramping up research and development efforts. This includes the integration of advanced AI modules that are expected to optimize claims processing and improve decision-making capabilities. By investing in state-of-the-art technology, Qantev seeks to help insurers minimize operational costs while improving patient outcomes.

Secondly, Qantev plans to recruit top-tier talent in AI and engineering from around the globe. This initiative is critical for maintaining its competitive edge in the rapidly evolving insurance technology landscape. Building a robust team will be essential for driving the company’s technology vision forward.

Lastly, Qantev is poised for international expansion. The company intends to penetrate key markets, particularly in North America and Asia, which will allow it to access new customer segments. This strategic move is expected to tailor Qantev’s offerings to the unique needs of insurers operating in these diverse regions.

The Current Landscape

Founded in 2019 by Tarik Dadi, a former lead data scientist at AXA, and Hadrien De March, an ex-quantitative analyst, Qantev has quickly established itself in the health and life insurance industry. The company’s AI-driven software addresses the pressing challenges faced by insurers, such as rising costs, chronic diseases, and an ageing population. Global medical costs are projected to experience nearly double-digit growth, with a 9.9% increase expected by the end of this year. Additionally, 58% of insurers express concern over the continued rise in costs by 2027.

The demand for health insurance is skyrocketing, driven by various factors including an ageing population, COVID-related backlogs, reduced public healthcare funding, and the increasing purchasing power in emerging markets. The insurance sector is projected to reach a staggering value of $2.38 trillion by the end of 2024, making it one of the fastest-growing sectors globally.

Qantev’s Innovative Solutions  

Qantev’s suite of AI-powered solutions is designed to tackle these industry challenges effectively. The platform automates claims processing, reducing turnaround times from days to mere minutes. By leveraging historical claims data, Qantev can understand patient journeys and behaviours specific to different markets, enabling insurers to make faster and more accurate decisions.

The automation of claims processing not only enhances efficiency but also allows healthcare professionals to devote more time to patient care, minimizing interruptions from paperwork and pre-authorisation requests. Furthermore, Qantev’s technology helps identify and resolve inefficiencies within workflows, potentially reducing operational costs by up to €8 million annually. The scalable nature of Qantev’s platform ensures that insurers can handle increasing claim volumes without compromising on quality, access, or affordability.

By embedding complex AI-driven software into the essential operations of insurance companies, Qantev effectively replicates the expertise that medical professionals bring to health claims assessment.

Building on Momentum

As of now, Qantev supports the claims processes of clients across 12 countries, spanning from the United States to Mexico and Asia. The company has experienced significant growth, doubling its workforce over the past year and establishing teams in Paris, Hong Kong, and the UK. With this latest funding round, Qantev has raised a total of over €40 million, positioning itself for continued success in the industry.

Tarik Dadi, CEO and co-founder of Qantev, commented on the necessity of their innovative solutions, stating, “The perfect storm of increased costs, post-COVID backlogs, chronic diseases, an ageing population, and heightened demand means healthcare insurers can no longer keep up with paperwork.” He emphasized that the recent growth at Qantev underscores the urgent need for efficient claims processing solutions. Dadi also expressed excitement about Blossom Capital joining their list of esteemed investors, looking forward to further global expansion and innovation.

Ophelia Brown, founder of Blossom Capital, praised Qantev’s strategic focus on the growing health and life insurance market. She remarked, “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.”

Qantev's recent funding round is a significant milestone that will propel the company into its next phase of growth and innovation. By enhancing its platform, expanding globally, and attracting top talent, Qantev is well-positioned to address the evolving challenges in the health insurance industry. With its commitment to efficiency and improved patient outcomes, Qantev is set to redefine how insurers manage claims and operate in a rapidly changing market.