PARIS, October 10, 2024 /PRNewswire/ — Qantev – the most advanced AI-powered platform that transforms the way 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.

Qantev is the leading AI claims platform for health and life insurance

With this new capital, Qantev intends to focus on three key areas:

1. Improve the platform: Qantev will accelerate its R&D efforts to expand its platform, adding advanced AI modules that further optimize claims processing and decision-making. The company will invest in cutting-edge technology to help insurers reduce operational costs and improve patient outcomes.
2. Recruit the best talents: To maintain its industry leadership, Qantev will recruit leading AI and engineering talent globally, with a focus on building an exceptional team to advance its technology vision.
3. Global expansion: As part of its strategic growth, Qantev will expand its presence in key international markets, particularly in North America And Asia. This expansion will allow the company to tap into new customer segments and tailor its offerings to the specific needs of insurers in these regions.

Founded in 2019 by former AXA lead data scientist, CEO Tarik Dadi and former quantitative analyst and CTO Hadrian De MarchQantev’s AI-powered software brings automation and efficiency to an industry facing rising costs, chronic disease and an aging population. Global medical costs alone are expected to see double-digit increases (9.9%) by the end of the year and 58% of insurers There are fears that these costs will rise further by 2027. At the same time, demand for health insurance, driven by an aging population, COVID-related delays, declining public funding for health care and the increase in purchasing power in emerging countries has exploded. The sector is now on track to reach a value of $20.38 billion by the end of 2024what makes it one of the most dynamic insurance professions around the world.

Qantev’s suite of AI-powered solutions solves these challenges for clients including AXA, Generali and FWD by automating the claims process from days to just minutes. The platform uses historical claims data to understand patient journeys and behaviors in individual markets before helping insurers in those regions make faster, more accurate decisions. As a result, doctors and nurses can focus on caring for their patients when they are not interrupted to respond to preauthorization requests; inefficiencies and bottlenecks in workflows can be quickly identified and resolved; operational costs can be reduced by up to 8 million euros per year; and the scalable nature of Qantev’s technology helps insurers meet increasing claims volumes without sacrificing quality, access or affordability.

In this way, Qantev integrates complex AI-based software into critical operations of insurance companies, effectively replicating the expertise of healthcare professionals in evaluating healthcare claims.

Continue our momentum

Today, Qantev manages customer complaints processes in 12 countries, from the United States to Mexico, Asia and beyond. The company has teams Paris, Hong Kong and the UK and has more than doubled its workforce over the past 12 months. This latest funding round brings the total raised by the company to more than 40 million euros.

Tarik DadiCEO and co-founder of Qantev said: “A perfect storm of rising costs, post-COVID backlogs, chronic disease, an aging population and increased demand means health care insurers can no longer keep up with the pace of paperwork. The growth we’ve seen at Qantev over the past 12 months is not only a testament to the work our team is doing to solve these challenges, but also to the need for a solution like ours. As an operator in the global health insurance industry, I have witnessed and experienced the problems experienced by our customers and we draw on decades of experience. experience to make claims more efficient, more accurate and more beneficial for everyone. With Blossom Capital joining our already esteemed investor table, we are excited to continue expanding our global presence and continuing to innovate.

Ophélie Brunfounder of Blossom Capital, said: “Qantev’s focus on the growing health and life insurance market, combined with its deep expertise in AI, insurance and data analytics, makes it best positioned to solve the very real and growing problems seen in the healthcare sector. Insurers are crying out for technology that can both meet the challenges they face and evolve in line with their own ambitions. This is exactly what Qantev offers them.Yes.”

About Qantev:

Qantev is the most advanced AI-powered platform transforming the way health and life insurers manage claims, reduce costs and improve services. Founded in 2019 by CEO Tarik Dadi and CTO Hadrien de March, Qantev’s AI-powered software brings automation and efficiency to one of the world’s fastest-growing insurance industries. Today, Qantev manages customer complaints processes in more than 8 countries, from the United States to Mexico, Asia and beyond and the company has raised more than 40 million dollars in financing from investors such as Blossom Capital and Elaia. https://www.qantev.com/

About Blossom Capital

Blossom Capital is Europe the largest dedicated Series A fund, renowned for its high conviction strategy, unwavering trust and commitment to the region’s most visionary founders. It leverages local roots and global connections to provide a distinct advantage to founders in the areas of consumer internet, cybersecurity, developer tools and open source, enterprise SaaS and markets. Its investments include Checkout.com, MoonPay, Pigment and Tines. Learn more about www.blossomcap.com