Paris-based Qantev, a trailblazer in health insurance technology, has secured €30 million in a buzzing Series B funding round.
Leading the charge was Blossom Capital. This fresh influx of cash is all about turbocharging Qantev’s AI prowess and making waves on the international stage.
Overwhelmed with the challenges of our aging society and the uptick in chronic illness claims, health and life insurers desperately need slick and efficient claim management systems.
This is where Qantev steps in with its fine-tuned AI solutions custom-built for health insurance—stepping away from those generic large language models (LLMs) you hear so much about.
The Role of AI at Qantev
Qantev’s AI isn’t just for show; it’s designed to tackle tasks that you’d usually have medical staff handling.
Imagine AI systems that can decide if a medical procedure is necessary, check if billing is spot-on, and even sniff out fraudulent claims—all faster and cheaper than you might expect.
That means more satisfied customers sticking around and lower operational costs.
This innovation stems from co-founder Tarik Dadi’s firsthand experience as a data scientist at AXA, where he saw the flaws in claims management.
Together with Hadrien de March, a whiz in mathematics and machine learning, they birthed Qantev in late 2018.
Early rounds of funding in 2020 and 2022 laid the groundwork for the major leap they’re taking now.
Expansion and Team Growth
With this latest funding boost, they’re set on doubling their team by the year’s end, snapping up top-tier engineering and AI talent.
Hong Kong is calling too, as Qantev plants its flag deeper into Asian markets while also eyeing North American expansion.
Collaboration and Innovation
Working alongside titans like AXA and Generali, Qantev uses a treasure trove of historical data to fine-tune its AI models.
Precision and reliability are non-negotiable, especially in the nitty-gritty of healthcare claim adjudication. Plus, they’re hinting at broadening their toolkit to include underwriting, bringing even more value to the table.
Their strategy? Smaller, sharper AI models instead of sprawling, generalist systems. This not only keeps them at the cutting edge but also equips them to tackle some of the more stubborn issues—like weeding out fraud and slashing costs—in healthcare.
Future Outlook
As Qantev strides forward, they’re keeping a keen eye on newcomers touting LLMs, staying ahead through relentless innovation and a tight-knit partnership with their key clients.
With this mix of focus and foresight, Qantev aims to carve out a significant niche as a major player in the world of health insurance software.
