Insurtech firm Quantemplate has appointed David Lundgren as CEO and board director, following the capture of £2.5 million in new capital.
Lundgren (pictured) brings deep insurance industry and operational expertise to Quantemplate, from firms such as Allianz, CUNA Mutual, General Electric and AgPro Exchange. He currently serves on the boards of Jewelers Mutual and Bunker.
The insuretech firm, which uses machine learning for data transformation and analytical insights to help insurers and reinsurers, has experienced “a real shift in market momentum”, according to Lundgren.
He said: “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.”
“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 property and casualty sectors, as well as major reinsurers, signing multi-year agreements with us.”
The latest influx of £2.5 million in 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.
Quantemplate has received a total investment of more than £10 million since its founding five years ago.
Daniel Bull of Columbia Lake Partners, the firm’s newest capital partner, said “Quantemplate has shown impressive traction in acquiring some of the world’s leading insurance companies as customers. The team has proven that they truly understand the needs of the insurance vertical, and Columbia Lake Partners is excited to be a part of their continued growth in the UK and Europe.”
Yann Ranchere of Anthemis added “Quantemplate is continuing to establish itself as a key player in the digital transformation of the insurance industry. With David Lundgren bringing his unique insurance experience and new funding from Columbia Lake Partners as well as historical investors, we are excited to see Quantemplate enter a new phase of growth.”
Commenting on Lundgren’s arrival and the new finance, Quantemplate co-founder and chairman Adrian Rands said: “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.”