Poland-based startup Quantee raises €1 million to invest in Explainable AI for its actuarial data science platform for insurance

Part of our mission at Tech Startups is to promote the “underdog” and promising startups that are not covered by major tech news outlets. Today, we would like to share a story of a young tech startup from the remote city of Poniatowskiego, Poland.

Quantee is one of the new promising European InsurTech startups using AI and machine learning to provide actuarial data science solutions in the insurance and reinsurance sector. Its ActuAI platform enables insurers and reinsurers to utilize all benefits of the machine learning approach with minimum effort. Quantee is also the first European company to offer highly specialized solutions and services for insurance and reinsurance companies in the field of Actuarial Data Science.

Today, Quantee announced it has raised €1 million in new funding to extensively invest in Artificial Intelligence R&D for risk assessment and insurance product pricing. Quantee is intensively developing an innovative ActuAI Data Science Platform designed for automation and increasing efficiency of actuarial processes with machine learning and Explainable AI.

Founded by Dawid Kopczyk, Quantee is one of the few startups that managed to qualify for Batch 5 of the prestigious Plug&Play acceleration program in Munich, Germany. The program lasted for a couple of months and helped the most innovative European companies prepare for cooperation with the largest insurance and reinsurance companies. Corporate partners of Plug&Play include many top-tier insurance brands including Generali, VIG, and Swiss Re.

With the new capital infusion, Quantee will be able to further enhance its ActuAI platform and significantly speed-up and cover the development of proprietary algorithms unavailable in any other solution in the market.

“We are in the middle of an exciting, and at the same time tough, path to revolutionize actuarial processes around the world. Our initial calculation indicates that ActuAI implementation will bring to insurance companies benefits calculated in millions of euro thanks to the higher precision of models and process automation,” Dawid Kopczyk, CEO Quantee said.

“We have already started to observe an increasing demand for our solution, both in our domestic market as well as amongst insurers from Italy, Germany, and the UK” – adds Mateusz Gintrowski, Chief Growth Officer.

You can check them out at https://quantee.ai/