Here's the pitch deck that insurtech Quantemplate used to nab $12 million in funding and attract mega insurers like Allianz

• Insurtech startup Quantemplate just raised $12 million in a Series B funding round.
• Quantemplate offers a cloud-based platform for data management and analysis.
• The startup has raised more than $25 million, and plans to use this funding for continued growth in the reinsurance (insurance for insurers) space.
• In the first three quarters of 2019, VCs invested $4.4 billion into startups looking to put a tech spin on the insurance industry, according to Willis Towers Watson.
• Check out the entire Pitch Deck Library here.

Quantemplate, an insurance data and analytics startup, just raised $12 million in a Series B funding round from the likes of Route Sixty-Six Ventures and Allianz X, the investment arm of insurance giant Allianz.

In the first three quarters of 2019, VCs invested $4.4 billion into startups looking to put a tech spin on the insurance industry, according to Willis Towers Watson. This pushes 2019's total insurtech funding thus far above last year's number. Strategic tech investments from reinsurers like Allianz X also reached a quarterly record.

The insurtech umbrella includes companies selling insurance digitally as well as those selling data analytics and software for insurers and reinsurers like Quantemplate.

"Insurance has a couple challenges around data. Timeliness and quality are probably the key issues," David David Lundgren, CEO of Quantemplate told Business Insider.

Insurers need data to make coverage decisions. To compete in a crowded market, they need to make these decisions quickly. In most markets, the data are non-standard and hard to consume systematically. According to Quantemplate estimates that across the 7,800 insurance providers in the US, UK, and Europe, 5.2 million datasets are circulated across the industry.

Quantemplate offers insurance companies a self-service cloud-based platform to consume, cleanse, and analyze data inputs from customers, then use the data to provide quotes. The platform uses machine learning to map key data points and automate data consumption. Users of the platform can input manual adjustments that feed back into the decision-making model.

Of the $90.3 billion spent on technology by insurance companies across the US, UK, and Europe, Quantemplate says could it cover 20%, or $17 billion, of that cost.

Read more: Buzzy insurtechs say AI and big data could soon transform insurance policies. But how the tech treats riskier customers is raising regulatory and ethical questions.

"What's unique about us is that the people who work here all understand insurance," said Lundgren. "That combination of technical and industry knowledge is one of our key differentiating points right now."

The startup is eyeing the reinsurance (insurance for insurers) market for growth. This latest round of funding will be used for global sales and marketing.

Founded in London in 2013, Quantemplate recently launched in the US. It's raised over $25 million with this latest funding round, which was announced alongside news of the general availability of its platform.

Here's the pitchdeck that the startup used to raise its Series B.