Quotech raises £1mn from investors including Convex Group

UK-based insurtech Quotech has raised £1mn from a combination of angel investors and Convex Group, the international specialty insurer and reinsurer.

The company, which describes itself as an “underwriter-led insurtech that creates practical systems for specialty insurers, brokers, and MGAs”, will use the funds to embark on a recruitment round. It will also invest further in creating custom-built technology platforms for underwriters and distributors in the global commercial and wholesale insurance sector.

Through the investment, Convex has acquired a 7.7% stake in Quotech, whose clients include major risk carriers, brokers and MGAs active in both the London and international markets.

Latest round a ‘vote of confidence’ in Quotech’s technology

Quotech Chief Executive Guillaume Bonnissent says: “This funding will enable Quotech to move to the next level of success by increasing our reach and extending our capacity, allowing us to provide a larger number of underwriting and broking firms with truly useful technology. We’ve already expanded our team of systems experts, and we will soon be adding additional personnel and resources to serve more clients.

“It’s fantastic to receive the vote of confidence that’s implied when a client invests in our vision, after experiencing first hand the power of our approach and the systems we build. I gave up underwriting and returned to programming because I was frustrated by the low levels of utility delivered by the systems that had been built for the London-market companies I had worked for. Every platform we create at Quotech is designed to improve efficiency by eliminating those frustrations. Early investments in Quotech came from people who believed in me. This round is even more satisfying, because Convex and many of the angels who’ve backed the round believe in the technology.”

Convex Group CEO Paul Brand adds: “We were drawn to Quotech as a supplier because they understand what we, as a London-market underwriter, need technology to do for us. We’ve made a strategic investment in the company because we believe Quotech is on the path to success. There are plenty of insurtech investments out there, but very few tech companies provide the kind of truly useful systems that Quotech has built for us.”