Insurtech firm Quotech raises £1m

Insurtech firm Quotech has raised £1 million of funding from a number of angel investors and Convex Group, the international specialty insurer and reinsurer.

Quotech, which develops custom insurance software for sourcing, sorting and storing data to support pricing, distribution, administration, claims, and trading, will use the funding to increase staff levels and target underwriters and distributors in the global commercial and wholesale insurance sector.

Through its investment, Convex has acquired a 7.7% share in Quotech. The insurtech firm’s chief executive, Guillaume Bonnissent, said: “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.”

Convex Group chief executive officer Paul Brand said: “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.”

Image: Canva

Mark Dugdale