UK insurtech Quotech has raised £1 million ($1.71 million) from investors, including Convex Group, to support creation of its custom-built technology platforms for underwriters and distributors in commercial and wholesale insurance globally.

Convex is an insurer and reinsurer focused on complex specialty risks across many business lines. It acquired a 7.7% share in Quotech, which has clients that include major risk carriers, brokers and MGAs.

"Very few tech companies provide the kind of truly useful systems that Quotech has built for us,” Convex CEO Paul Brand said. “They understand what we, as a London-market underwriter, need technology to do for us.”

Quotech is headed by CEO Guillaume Bonnissent, a former Lloyd’s underwriter. He says the new funding will allow a larger number of underwriting and broking firms to receive the technology.

“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,” he said. “Every platform we create at Quotech is designed to improve efficiency by eliminating those frustrations.”

Quotech systems make pertinent data from multiple sources easily accessible through tools that support pricing, distribution, administration, claims and trading.

“Data complexity is removed for the user by presenting each with only the bits they care about,” it says.