October 10, 2024
With the goal to outperform Large Language Models (LLM), Qantev, a health insurance technology company, has successfully funded €30 million to improve the application of AI models in claims management. Health and life insurance providers are facing a growing number of claims that their current systems are struggling to handle due to challenges posed by an aging population and chronic illnesses. Automating property and casualty insurance has advanced significantly thanks to AI, but automating health insurance is even more difficult.
Paris-based entrepreneur, co-founder of Qantev, Tarik Dadi saw this need while working as a senior data scientist at AXA. They founded Qantev at the end of 2018 with Hadrien de March, currently CTO of the company. Through the use of AI models that perform critical tasks usually performed by medical personnel, such as assessing medical necessity, ensuring cost accuracy and detecting possible fraud, the company helps insurers like AXA and Generali to manage claims. This is achieved much faster using Qantev’s AI, ultimately reducing expenses and increasing customer retention.
With a seed investment of €1.7 million in 2020 and Series A funding of €10 million in 2022, the company has grown rapidly. This initiative was led by Elaia, Omnes and Raise Ventures, who also participated in the €30 million Series B round. Given the current fervor around AI and automation in insurance, this Series B round came sooner than expected.
The strategy used by Qantev is different from other companies that only use LLMs to solve comparable problems. Instead, to ensure accuracy in delicate areas like healthcare, Qantev uses a variety of more compact and targeted AI models that have been trained on past customer data. The startup emphasizes the value of precision because mistakes in health-related decisions, such as the best way to treat serious illnesses like cancer, cannot be tolerated.
Aiming to double its headcount by the end of the year, Qantev will use the additional funds to support its efforts to hire more engineering and AI talent. Additionally, the Series B funding led by Blossom Capital will enable Qantev to expand internationally, including in North America and Asia. Despite competition from US companies like Alaffia Health and Anomaly, Qantev enjoys a clear advantage thanks to its alliances with large international insurers.
Due to the size of these contracts, large clients can have long and complex sales cycles, but the rewards can be substantial. With its goal of becoming a platform, Qantev intends to go beyond claims management and perhaps offer underwriting products as well. In the wake of rising healthcare spending, the company is focused on leveraging its data and customer experience to solve major operational challenges such as fraud detection.
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