AI-powered health insurance platform Qantev secured €30M to fuel global expansion
AI-powered health insurance platform Qantev secures €30 million in funding to expand its claims management technology globally, addressing rising healthcare costs and inefficiencies in the rapidly growing insurance sector.
Qantev, an AI-powered claims management platform for health and life insurers, recently raised €30 million from Blossom Capital in a funding round that included existing investors Elaia, Omnes and RAISE Venture as participants, and that brought Qantev's total raised funds to over €40 million.
The life and health insurance sector has become one of the fastest-growing insurance business lines, and is poised to reach a $2.38 trillion value by this year's end. In parallel, rising global medical costs (projected to reach a 9.9% increase by the end of 2024) and surging demand for health insurance has driven insurers to look for innovative solutions that help manage rising expenses and improve efficiency.
Founded in 2019 by former AXA data scientist Tarik Dadi and ex-quantitative analyst Hadrien De March, Qantev's AI-driven platform automates claims processing, reducing turnaround times from days to minutes. By leveraging historical data, the platform analyzes patient behaviors and helps insurers make faster, more accurate decisions. This automation not only reduces operational costs but also allows healthcare professionals to focus more on patient care.
Qantev currently processes claims for customers, including insurance leaders AXA, Generali, and FWD, in 12 countries; has established teams in Paris, Hong Kong, and the UK; and more than doubled its headcount in the last year. In addition to representing a significant milestone, Qantev will use its recently raised funds to enhance its platform with advanced AI modules, recruit top-tier talent, and expand its global footprint, particularly in North America and Asia.
