Poland’s InsurTech startup Quantee raises a $700k Seed round to disrupt the insurance pricing domain
Quantee is a SaaS platform that leverages the power of AI and startup agility to P&C/Health insurance pricing. Its aim is to enable all insurance carriers to build fully personalized products with their AI-based dynamic insurance pricing engine.
This week, Quantee announced it raised a $700k Seed round led by Nunatak Capital with the participation of a FundingBox DeepTech Fund to disrupt the insurance pricing domain,
Thanks to Quantee software, insurers can build more accurate and dynamic pricing, personalize the offering to individual customers’ preferences and completely unlock the potential of data. Insurers using Quantee can drastically reduce their time-to-market for new tariffs and increase pricing accuracy. As a result, insurers can provide a better customer experience while maintaining the profitability of their portfolio and staying competitive.
Founded in 2018, the Warsaw, Poland-based Quantee offers the first truly AI-based dynamic insurance pricing engine. Quantee enables insurance companies to build and deploy more competitive insurance tariffs up to 10x faster, as well as manage them on daily basis. Quantee also has an international presence including customers from several European countries.
Quantee was founded by two seasoned professionals – Dawid Kopczyk and Mateusz Gintrowski. Dawid, CEO of Quantee is a qualified actuary and had worked for several years for many insurance companies in the UK, France, Germany and Poland gaining a vast experience across pricing, risk and management domains. Mateusz on the other hand has over 13 years of experience and a successful track record in enterprise software sales to the insurance industry working for leading analytics software vendors.
In 2020 they decided to join forces to disrupt the old-fashioned and traditional space of insurance pricing with the first AI-based dynamic insurance pricing software. They bootstrapped the growth of Quantee from product development, through several PoCs with insurers to gaining traction with the first paying customers, including DKV Seguros (Spain) and InterRisk VIG (Poland).
The funding round will fuel further growth of Quantee, expansion to the UK and Spanish markets and further development of the software.
“We chose to invest in Quantee because we see a unique opportunity to create value through data analytics in dynamic pricing models. Already, large amounts of market and customer data allow for more flexible and personalized offers, resulting in reduced risk and improved margin model efficiency. This trend will continue with the ability to capture and process more and more data, to the benefit of insurers and their customers.” comments Piotr Ciżkowicz, Managing Partner Nunatak Capital and Professor at the Warsaw School of Economics.
“We were intrigued by the unique blend of team competencies as well as by the maturity of the product. Since the software for dynamic pricing allows insurance companies to keep up with the rapidly changing market demands, we see a great chance of Quantee becoming their engine of choice.”, adds Iwona Cymerman, Managing Partner, FundingBox DeepTech Fund.
Nunatak Capital is a fully private Venture Capital fund focusing on investments in companies driven by data science and AI solutions. The fund’s team has over 20 years of business and academic experience in data analytics, machine learning, and optimization. Nunatak Capital works in an Operational VC model, actively supporting its startups with a dedicated data science team (including several PhDs and academics onboard) as well as making use of its business networks (including over 120 fund’s private investors) to help portfolio startups to grow their customer base.
Every day we witness the power of technology to advance our civilization. That is why we invest in early-stage companies with clearly defined technological advantages and support their exceptional founders in their journey to scale up and conquer the global market.