Qumata, an insurance technology company based in London and Hong Kong, has received $13 million more in its extended Series A funding round which has now reached $23 million in total.

Following the initial round last year in June, several existing investors, including MMC Ventures which led the financing event, pledged more involvement with the company in the recent extension.

WHAT IT DOES

Founded in 2017, the company – formerly known as ​​HealthyHealth – offers an underwriting solution for life and health insurers that replaces the cumbersome process of analysing an insurance client's risks which typically involve medical examinations and long questionnaire forms. 

Its API, integrated into insurers' distribution channels, seeks an insurance applicant's consent to use their health data, which is then analysed to predict their risk of diagnosis for over 800 medical conditions. It also assesses their extra-mortality and extra-morbidity, which are rated by insurers to come up with their premiums. 

The insurtech firm touts some benefits of its automated underwriting solution, such as higher conversion rates and more accurate risk selection.

WHY IT MATTERS

The previous funding round has helped Qumata accelerate its global expansion after signing with big listed insurers in Europe, Asia-Pacific, the United Kingdom, and North America. 

The latest additional funding, the company said, will allow it to focus on expanding its footprint across Asia and the UK. 

MARKET SNAPSHOT

Last year saw some insurtech companies in APAC attracting investments for their continued growth. One of them was India-based Onsurity, which bagged $16 million in a Series A round. The company offers an employee benefits platform for SMEs and startups which comprises group health insurance, discounts on medicines and health checkups, fitness rewards, doctor consultations, and others. 

The Chinese firm Waterdrop, which operates an insurance marketplace and a medical crowdfunding platform, made its debut on the New York Stock Exchange where it raised $360 million.

In other news, Qumata's extended Series A round followed the signing of its partnership with the AIA Group, one of the largest listed life insurance groups in Asia, in December.