London based insurance analytics startup QuanTemplate has raised a £2.5m Seed Round led by Anthemis Group.
The global insurance market is worth £2.8 trillion globally, representing around 7% of global GDP. Despite spending an estimated £95 billion on IT services in 2014, the insurance business has yet to fully leverage the power of technology to substantially improve their operating processes, risk modelling and trading capabilities. According to QuanTemplate co-founder Adrian Rands, "Insurance and re-insurance remains one of the least disrupted verticals within financial services. Our user research has uncovered potential for huge productivity enhancements. Firms are tied down by the constraints of Excel and inflexible databases, resulting in key business decisions being made with limited and outdated information. QuanTemplate changes this. We've built next-generation tools to help our clients interpret their data and share their findings real-time: the simplicity of the QuanTemplate workflow helps our clients unlock the power of their data."