HealthyHealth closes £7m Series A, reveals rebrand
Posted on June 4, 2021 by Jonathan Symcox
HealthyHealth Group, a company focused on transforming the life and health insurance underwriting journey through digital data, has announced the closing of a £7 million series A financing round led by MMC Ventures.
Joining MMC Ventures are AdirVentures and a number of other family offices, as well as existing investors including TMT Investments PLC.
The new funding will help accelerate 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.
As part of this growth journey, the business is also transitioning to a new brand, Qumata.
Qumata says it 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, enabling the latter an easier and more convenient buying process.
Qumata’s API solution is integrated by insurance companies across multiple distribution channels, ranging from tied agents to independent intermediaries and online channels. This solution allows life and health insurance applicants to share their digital health data instead of having to complete 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 ‘extra-morbidity’ risks typically rated by insurers to derive their commercial premiums.
The solution can replace traditional questionnaires, with demonstrated advantages for insurers, which can experience higher conversion rates, more accurate risk selection as well as cheaper and automated underwriting.
“Insurers are increasingly embracing digital innovation, but there is still significant opportunity for further optimisation, particularly in the underwriting process,” said Luca Schnettler, Group CEO at Qumata.
“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.
“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.”
Oliver Richards, Partner at MMC Ventures, added: “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.
“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.”