Qumata, a global leader in transforming the health and life insurance industry ecosystem with its revolutionary, machine learning data-driven underwriting solution, is pleased to welcome Tencent as an investor in its US$23M series A funding, among other global investors. This addition reinforces the company’s strategic focus on consolidating its digital footprint in Asia that currently spans the underwriting industry across the life and health insurance sector in Southeast and North Asia.
Luca Schnettler, Co-founder, and CEO of Qumata said, “We are pleased to announce that Tencent is joining us on the next stage of our growth journey, and the additional funding will give us the ability to maintain our commitment to growth in the Asian region. We spent recent months expanding the team on the ground and signing new partnerships, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer. The region remains an exciting opportunity for innovation in the insurance sector and we are looking forward to propelling our unique data-driven underwriting solution in the life and health solution market here.”
Qumata’s solutions support the acceleration of the digital transformation of the life and health insurance industry. According to Forbes Advisor and their recently published “Outlook for Life Insurance Shoppers in 2022” consumer habits and purchasing behaviour have changed drastically exacerbated by the Pandemic. Insurance companies are seeking innovative ways to adapt to the increasing consumer behaviour of using digital means and offering non-medical exam based policies, at the same time as looking to create more frictionless, more efficient, competitive priced and easier purchasing channels for their clients.