Insurtech startup Quandri raises US$8.5M for growth

 Insurtech startup Quandri raises US$8.5M for growth

Image courtesy: Quandri

Vancouver-based Insurtech startup Quandri, that provides digital workers for the insurance industry, has raised $8.5 million in Series A funding. The round was led by FUSE, with participation from Defined Capital and existing investors Aviso Ventures, Rebellion Ventures, N49P and Good News Ventures. The development was first reported by Techcrunch last week.

Jackson and Jamieson Fregeau, brothers who co-founded Quandri, aim to address the common repetitive manual work and data fragmentation. Jackson, who was previously the CTO of Revenue Accelerator, saw the potential of automation while building bots to streamline data entry tasks. This experience led the brothers to develop a “robot-as-a-service” model, where they provide pre-built bots for specific business needs.

Nobody was really talking about a bot for a customer specifically. It was like: you’d give this capability to a customer. And then they would need to go and configure and build all this stuff themselves in a really rigid way. And that prevented a huge slew of companies from accessing this kind of technology because they don’t have the technical resources — or if they have the technical resources, they’re applied to their very specific core products but not on operational automation.”

Jackson Fregeau, CEO of Quandri, as told to Techcrunch

Also read: Canadian insurtech startup Koïos raises CA$6.5M new funding

Insurtech startup Quandri is revolutionizing insurance automation

Digital workers from Quandri are created to automate time-consuming and repetitive duties in the insurance sector. This includes data entry, document processing, and client correspondence. By automating these processes, the company’s technology combines robotic process automation (RPA), artificial intelligence (AI), and natural language processing (NLP), freeing up insurance brokers and agents to concentrate on higher-value work.

The funds from this round will be used by the company to grow its clientele, include new features, and hire more people. The business concentrates on insurance brokers and agencies of all sizes. The company believes that its virtual staff members could aid businesses in increasing productivity and profits.

Quandri currently offers three primary bots. These include the Renewal Reviewer, which assists agents in comparing policies upon renewal; a tool that ensures correct and contextual file naming; and the Download Director, a service that matches unmatched policies and eDocs to the correct accounts. While Quandri’s focus is currently on the North American insurance industry, they are considering applying their technology to other verticals in the future.

According to Crunchbase, the company has raised US$10 million till date. Prior to this, it closed a US$1.5 million seed round from the same investors in October last year.

In Canada, several insurtech firms are focusing on automation. Wisedocs, located in Toronto, specializes in medical document analysis. Meanwhile, in Kitchener-Waterloo, ProNavigator serves the insurance industry, likening itself to Google.

Also read: Insurtech startup QuickFacts raises CA$1.13M in new funding


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