Bengaluru-based InsureTech uses AI, ML and deep learning to create smart products and solutions for finance, healthcare and insurance businesses
Modern technology solves many of the traditional problems of buying and selling insurance. A prime example is Artivatic.AI, a Bengaluru-based startup that uses technology to build smart apps and solutions, especially in the InsurTech space. The company uses artificial intelligence (AI), machine learning (ML) and deep learning to create smart products and solutions for finance, healthcare and insurance companies. Basically, it allows business tasks, data analysis, marketing, strategy, insights, delivery, interaction, tracking and personalization to take place in real-time through a single AI interface. Its major clients in the B2B space include ICICI Prudential Life, HDFC ERGO, Aegon Life, Aditya Birla Life, RenewBuy, ICICI Lombard and IFFCO Tokio.
Artivatic was born in 2018 when Co-Founder and CEO Layak Singh and Co-Founder Puneet Tandon came together with the vision to strengthen the position of insurers, comprehensively and urgently. They started by reinventing insurance and health solutions for the countless users who find themselves facing challenges in their insurance expeditions. “Artivatic was envisioned as a product-based start-up providing a broad portfolio of simple automated solutions to enable end-to-end digital transformation of the insurance and healthcare industry, and that is exactly how it has been consolidated. With hospital networks and insurance companies, brokers and TPAs as key customers, Artivatic helps improve operations and processes, to better serve end users,” says Singh.
The Covid-19 epidemic has turned the world upside down. However, due to the nature of the business, Artivatic has seen high demand for its services. “The first two years were pretty trying with the sharp pain of being an iconoclast in a legacy business,” says Singh. With the launch of its first product, Artivatic began to generate positive interest, partnering with aggregators such as ClearTrip, Zomato and Dineout to test the capabilities.
Three years later, Artivatic is already accelerating its next phase of growth by offering the full range of sophisticated insurance offerings. It aims to be part of every scenario, from delivering seamless healthcare benefits through the chosen networks to automated and customizable AI-driven processes that offer risk systems.
It has also launched numerous health and business insurance products over the past two years. In May 2021, market-leading registration and transfer agency, KFin Technologies, acquired a 17% stake, with funds being channeled for business development across the world (UK and US) . In December 2020 Scale Ventures and Indian Angel Network provided bridge funding to Artivatic for R&D while in September 2017 Deepak Verma and Saurabh Chugh invested `1 crore as angel funding. In July 2017, Spark10 Accelerator UK also offered him angel funding. In total, Artivatic has raised approximately $2.06 million so far.
In the next five years, it wants to establish itself as a globally recognized InsurTech. He wants to build local teams to feed a decentralized capacity network, allowing for a scalable model. It also aims to expand into SME and commercial sectors by building next-generation platforms and byte-sized insurance plans.
“At the current rate, we expect to end fiscal 2022 with revenue of $2 million,” Singh says. “Over the coming year, the primary focus would be to move towards an end-to-end intelligent solution by shifting from the current digital mindset to a full bionic approach, combining new technologies with human capabilities to drive innovation, growth and business results,” he adds.