Qantev, an AI-powered platform transforming how health and life insurers manage claims, reduce costs and improve services –  has raised €30 million in a new funding round led by Blossom Capital, with participation from existing investors Elaia, Omnes and Raise Venture.

With this new capital, Qantev plans to focus on three key areas: enhancing the platform, recruiting top talent and global expansion.

Founded in 2019 by former AXA lead data scientist, CEO Tarik Dadi and ex-quantitative analyst and CTO Hadrien De March, Qantev’s AI-driven software brings automation and efficiency to an industry facing rising costs, chronic disease and ageing populations. Global medical costs alone are projected to see near double-digit (9.9%) increases by the end of the year and 58% of insurers are concerned these costs will rise further by 2027. At the same time, demand for health insurance, driven by ageing populations, COVID backlogs, a decline in public healthcare funding and an increase in the purchasing power of emerging countries, has skyrocketed. The sector is now on track to reach a value of $2.38tn by the end of 2024, making it one of the fastest-growing business lines of insurance worldwide. 

Qantev’s suite of AI-powered solutions is solving these challenges for customers, including AXA, Generali and FWD, by automating mi claims process from days down to only minutes. The platform uses historical claims data to understand patient journeys and behaviours in individual markets before helping insurers across these regions make faster, more accurate decisions. As a consequence, doctors and nurses can focus on caring for their patients when not interrupted to fill pre-authorisation requests; inefficiencies and bottlenecks in workflows can be quickly identified and solved; operational costs can be reduced by as much as €8 million a year; and the scalable nature of Qantev’s technology helps insurers cope with increasing volume of claims without sacrificing quality, access or affordability. 

In this way, Qantev is embedding complex, AI-driven software into the business-critical operations of insurance companies, effectively reproducing the expertise medical professionals bring to assessing health claims. 

Today, Qantev powers the claims processes of customers in 12 countries from the US to Mexico, Asia and beyond. The company has teams in Paris, Hong Kong and the UK and has more than doubled its headcount over the past 12 months. This latest funding round takes the total raised by the firm to over €40 million. 

Tarik Dadi, CEO and co-founder of Qantev 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. The growth we have seen at Qantev over the past 12 months is not only a testament to the work our team has done in solving these challenges but also the need for a solution like ours. As an operator in the global health insurance sector, I witnessed and experienced the pain points our customers are feeling and we’re using decades of experience to make claims more efficient, accurate and beneficial for all. With Blossom Capital joining our already esteemed cap table of investors, we’re excited to continue expanding our global footprint and keep innovating.”

Ophelia Brown, Founder at Blossom Capital 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.”