Industry veteran David LUNDGREN to head InsurTech Pioneer Quantemplate
The company has also received GBP 2.5 million of new capital to accelerate its expansion plans. This follows breakthrough revenue growth of 500% during the last 12 months, driven by leading multinational insurers and reinsurers licensing Quantemplate's unique technology solution. The latest capital inflow, from Columbia Lake Partners, is in addition to fresh financial commitments from Quantemplate's original investors: specialists in InsurTech venture capital Route 66 Ventures and Anthemis, alongside insurance industry leaders TransAmerica Ventures and Allianz. Quantemplate has received a total investment of over GBP 10 million since its founding five years ago. The firm's expansion plans focus on the UK, US, and European markets.
LUNDGREN brings deep insurance industry and operational expertise from firms such as Allianz, CUNA Mutual, General Electric, and AgPro Exchange. He currently serves on the boards of Jewelers Mutual and Bunker.
"Quantemplate's data transformation and analytics suite, powered by machine learning, gives our clients the tools to expand their business, cut costs and, most importantly, drive forward the digital transformation which is a strategic imperative for most insurers," said LUNDGREN. "This year, to add to the continued confidence of the investment community, Quantemplate has also experienced a real shift in market momentum with leaders in the Life and the P&C sectors, as well as major reinsurers, signing multi-year agreements with us."
Designed for re/insurers, Quantemplate automatically unifies the disparate types of data these companies have to process, solving issues of data integrity or compatibility through machine learning. Traditional technologies and outsourcing have fallen short when faced with these intractable problems. In contrast, Quantemplate provides analytics which can generate unique business insights from this disparate data - around market opportunity, underwriting profitability, claims and fraud, and MGA (managing general agent) integration. The solution integrates alongside clients' data ecosystems seamlessly, without disrupting workflows.