Insurtech Quantemplate secures funds for expansion, appoints CEO
Insurtech firm Quantemplate has received £2.5 million of new capital to accelerate its expansion plans while appointing David Lundgren as CEO and board director.
The latest £2.5 million of capital from Columbia Lake Partners is in addition to fresh financial commitments from Quantemplate’s original investors - Route 66 Ventures and Anthemis, alongside TransAmerica Ventures and Allianz. The company has received a total investment of over £10 million since its founding five years ago.
The firm’s expansion plans focus on the UK, US, and European markets. Revenue growth is driven by multinational insurers and reinsurers licensing Quantemplate’s technology solution.
"Quantemplate’s data transformation and analytics suite, powered by machine learning, gives our clients the tools to expand their business, cut costs and, most importantly, drive forward the digital transformation which is a strategic imperative for most insurers," Lundgren said.
"This year, to add to the continued confidence of the investment community, Quantemplate has also experienced a real shift in market momentum with leaders in the Life and the P&C sectors, as well as major reinsurers, signing multi-year agreements with us."
The company's new CEO Lundgren brings deep insurance industry and operational expertise from firms such as Allianz, CUNA Mutual, General Electric, and AgPro Exchange. He currently serves on the boards of Jewelers Mutual and Bunker.
Quantemplate co-founder and chairman Adrian Rands, commented: "We built this company from day one with a foundation of deep expertise in the insurance industry and a vision to help clients gain the insights which bring competitive advantage. Now, with this expanded support, we can accelerate the Quantemplate’s growth and deliver on that vision."
Quantemplate operates via offices in London, Gibraltar and New York.
More of today's news
Zurich in $2.14bn Australian life acquisition
RenRe, Validus record worst combined ratios after hurricanes: Fitch
Sompo prepares for global top 10 spot
The Hartford personal lines leader steps down after 30 years
