Quantemplate, an InsurTech firm which uses machine learning to help re/insurers grow their business through data transformation and analytical insights, today announced that David Lundgren has been appointed CEO and Board Director. The company has also received £2.5 million (GBP) of new capital to accelerate its expansion plans.
This follows breakthrough revenue growth of 500 percent during the last 12 months, driven by leading multinational insurers and reinsurers licensing Quantemplate’s unique technology solution.
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.
The latest £2.5 million of capital, from Columbia Lake Partners, is in addition to fresh financial commitments from Quantemplate’s original investors: Route 66 Ventures, Anthemis, TransAmerica Ventures and Allianz. Quantemplate has received a total investment of over £10 million since its founding five years ago.
Designed for re/insurers, Quantemplate automatically unifies the disparate types of data 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.
Commenting on Lundgren’s arrival and the new finance, Quantemplate Co-founder
and Chairman Adrian Rands said,
“We built this company from day one with a foundation of deep expertise in the insurance industry and a vision to help clients gain the insights which bring competitive advantage. Now, with this expanded support, we can accelerate the Quantemplate’s growth and deliver on that vision.”
The firm’s expansion plans focus on the UK, US, and European markets.