As we mentioned above, the insurance sector is historically data rich but it also suffers from many data management issues because the market is far less developed with respect to the wider financial services industry.
QuanTemplate was created with this goal in mind: building one complete user-friendly solution for high-performance data management through artificial intelligence and integrated analytics tools. In fact, it is a technology that enables business users to clean and harmonize raw data coming from different sources and allows insurance players to gain actionable insights.
The SaaS platform runs in the web browser and allows insurance and reinsurance firms to revolutionize their approach to analytics using a specifically designed interface for insurance and reinsurance players. The platform sits on top of existing systems (which lowers the adoption barriers) and the interface is highly customizable.
The platform is also ISAE 3402 certified for its security and even though standardly run on Amazon Web Services, it can be adapted to be internally managed or hosted on different cloud services.
Technically speaking, they use X-Stitch for data processing (a Scala backend platform to create in-memory SQL datasets) and Mafic for data presentation (also on tablets), and they were able to process up to 50 million rows of data in about 900 milliseconds.
It is indeed an out-of-the-box product which requires no coding skills (it has drag and drop options) at all and that can handle multiple data sources (XLS, XML, TSV, CSV, JSON, etc.) and use ‘Crowdsourced learning’ to feed the AI engine, which it is used to automate reporting (easing the burden of regulatory Solvency II compliance) and to reduce the cost and pain of constant manual mapping and re-keying. It also allows users to query across multiple datasets and integrate third-party feeds in one report, supporting also advanced insurance functions as well as incurred but not reported (IBNR) loss development modules.
They also have a standard process in place to start with their products:
Consultation: the first step is a meeting/series of meeting to identify the problems and show how the platform works and how it could solve those issues;
Pilot: They implement a ‘fitness-for-purpose’ pilot project, typically within a specific operational area of the business;
Extension of Scope: once the pilot is complete (and it was successful) they extend the use of the platform across business areas.
We met the team a lot of time ago and they are extremely knowledgeable, mixing an eye for details and love for UX with a strong quant machine learning modelling approach, and they own a deep experience in the insurance industry, which positions them really well to serve players which are in a profound transformative period.
They have been supported by smart investors up to date (mainly Techstars, Anthemis Group, Route 66 and Allianz Ventures) and they are growing organically both in terms of the team as well as revenues and fund raised. The major insurance players are nowadays using QuanTemplate solution and the company has also recently been named a European FinTech Top50 company and a Global InsurTech Top21.
Let’s also be clear: QuanTemplate does not aim to replace insurers and to substitute them in any respect. Its goal is to work with insurers in order to finally reach a data democratization scenario, where a culture of collaboration between fintech companies and incumbents can foster a central (standardized) data management.
We would also suggest having a look at their blog, they have a number of interesting insights in there!
NB: All the images are taken from QuanTemplate website https://www.quantemplate.com