Ridding the insurance journey of its pains

© Provided by The Financial Express
Layak Singh, co-founder and CEO, Artivatic

Modern technology is solving most of the traditional problems of insurance buying and selling. A case in point is Artivatic.AI, a Bengaluru-based startup that is using technology to build intelligent applications and solutions, especially in the InsurTech space. The firm uses Artificial Intelligence (AI), Machine Learning (ML), and deep learning to build intelligent products and solutions for finance, healthcare, and insurance businesses. Basically, it allows business tasks, data analytics, marketing, strategy, insights, delivery, interaction, tracking and personalisation to take place in real-time through a single AI interface. Its prominent 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 of reinforcing the position of insurance providers, completely and on an urgent basis. They began by re-imagining insurance and health solutions for the countless users who find themselves challenged in their insurance expeditions. “Artivatic was imagined as a product-based start-up providing a vast portfolio of simple automated solutions to enable end-to-end digital transformation of the insurance and healthcare industry, and that’s exactly how it has been consolidated. With hospital networks and insurance carriers, brokers and TPAs as key clients, Artivatic helps improve operations and processes, to serve end-users better,” says Singh.

The Covid-19 outbreak turned the world on its head. However, due to the nature of the business, Artivatic registered robust demand for its services. “The initial two years were quite trying with the acute pains of being an iconoclast in a legacy business,” says Singh. With the launch of its first product, Artivatic started garnering positive interest, partnering with aggregators such as ClearTrip, Zomato and Dineout to test capabilities.

Three years on, Artivatic is already fast-tracking into its next growth phase by providing the whole gamut of sophisticated insurance offerings. It aims to be part of every scenario, from offering seamless health benefits via the chosen networks to AI-driven automated, customisable processes that offer risk systems.

It has also launched many health and business insurance products in the last two years. In May 2021, market leading registrar and transfer agency KFin Technologies acquired a 17% stake in it, with the funds channelled for business development across the globe (UK & USA). In Dec 2020, Scale Ventures and Indian Angel Network provided bridge funding to Artivatic towards R&D, while in Sept 2017, Deepak Verma and Saurabh Chugh invested `1 crore as angel funding. In July 2017, Spark10 Accelerator UK too had offered it angel funding. In all, Artivatic has raised approximately $2.06 mn so far.

In the next five years, it wants to establish itself as a globally recognised InsurTech. It wants to build local teams to power a decentralised capabilities network, thus enabling a scalable model. It also aims to expand into SME and commercial sectors by creating next-gen platforms and byte-size insurance plans.

“At the current pace, we expect to close the fiscal year 2022 with a revenue of $2 mn,” says Singh. “In the year ahead, the key focus would be evolve into an end-to-end solution intellect by transitioning from the current digital mindset to a comprehensive bionic approach, blending new technologies with human capabilities to power business innovation, growth, and outcomes,” he adds.