The insurance business is undergoing enormous changes. These developments are being driven by insurtech enterprises that are upping the ante by pushing innovation via the use of technologies such as Blockchain, Machine Learning, AI, and cloud computing.
These technologies are replacing the traditional software and manual-driven procedures that were previously used to construct and administer the insurance industry. Furthermore, as business models evolve, insurance firms are utilising digital technologies to extend their operations and build product lines based on consumer needs, which contribute to market growth. One such company that contributes to market growth is Artivatic Data Labs.
While in search for The Most Reliable AIOps based Infrastructure Management Service Providers, we came to know about Artivatic Data Labs. Below are the highlights of the interview.
Describe us about Artivatic in detail.
We are a global risk and decision-making platform that automates human decisions in insurance and healthcare to provide efficiency, transparency, risk assessment, personalization, and digitization in the entire lifecycle of operations.
The platform uses deep machine learning and proprietary algorithms to offer insurance and healthcare solutions. We use solutions like innovative risk underwriting, alternative data insights, real-time personalized product offering, and automated onboarding, claims automation, sales, and distribution, self-branch servicing, customer 360, wisdom, and analytics.
We empower insurance and healthcare businesses and developers to re-imagine insurance and health products for the following billion users. Artivatic is continually developing a low-cost, modular API infrastructure so that insurance companies/hospitals can go online in days, not months.
Artivatic is transforming legacy, traditional, complex, and ‘one size fits all’ into personalized, digital, instant, risk-based, new age insurtech. This touches human lives, understand their need, use data to provide them better, need-based products instantly using technology. We aim to provide personalized insurance products based on customer goals/needs under 60 seconds using data, technology, and process.
What made you venture into the infrastructure management services sector?
Artivatic was born after our last startup, COGXIO, and DateIITians. We took into consideration all learning, research, process, and understanding of our new product, which was a complete B2B AI Platform focused on cross-industry intelligence in real-time, and we launched it in 2018.
We had multiple brainstorming sessions to understand Artivatic in depth, which took almost three months for all of us to decide- what was Artivatic, how to build further, who will be building Artivatic, and where we were aligning our visions for the future.
After countless efforts, we finally saw some ray of hope when HCL and Capgemini, like large enterprises, showed interest in partnering with Artivatic. We demonstrated our technologies and capabilities to solve these businesses’ problems by partnering with them. So far, it has been one of the biggest pleasant and motivating moments in the Artivatic journey.
What kind of offerings do you provide to your clients?
We at Artivatic.ai are building next-gen insurance products and solutions to simplify risk assessment, process automation, and digital use to enable access to insurance with our technology-driven innovations. We are changing historical insurance into something digital, customised, and customer-centric while keeping our clients’ budgets in mind. We leverage AI and Machine Learning in our platforms and integrate the same to simplify in the extremely archaic and manual industry to increase the number of insurance policyholders in the long run.
Artivatic has launched various platforms in the recent past to empower Insurtech to drive the future of insurance:
- INFRD Integration of Cloud APIs Platform with 400+APIs to provide a holistic solution for all insurance & healthcare services.
- ALFRED One integrated platform for all your claims needs. Provide end-to-end claims automation and assessment platform.
- ASPIRE An end-to-end personalized & affordable solution for employee health & business insurance.
- AUSIS A customized AI-built & 3rd party data-driven intelligent, real-time & personalized Underwriting Platform for Insurance.
- MiO AI embedded sales, communication & marketing platform for comprehensive insurance & financial services providers.
- ProdX Design, a Holistic Next-Gen rapid product designing with risk insights.
- PRODX DISTRIBUTION A customized B2B2C distribution and embedded insurance platform for businesses.
What kind of challenges have you faced while entering the infrastructure management services sector?
Artivatic’s journey has been a roller coaster for the last two years. However, the entire roadmap was truly inspiring during the initial stage.
We indeed faced various challenges in the adjacent stage of development like building a new team, financial crunch, working without salary, living in an office to save costs, getting our ideas rejected by various investors, and much more. The entire team of Artivatic underwent great learning in the first year. Then in the second year, we were finally able to launch our first version of the product. This gave a boost of confidence and motivation to all of us to go ahead further with the innovation.
In the later stage, we also partnered with Zomato, Dineout, and ClearTrip to test our technologies. Soon, we will validate our technologies and business model by 2019.
In a nutshell, with the constant support of our customers, investors, and the team members’ belief, we can achieve our initial goals.
Artivatic aims to provide personalized insurance products based on customer goals/needs under 60 seconds using data, technology, and process.
How was Artivatic Data Labs affected during the pandemic, and what were the steps you took to curb the damages while helping your clients and maintaining the safety of your employees?
Unlike another business sector, COVID-19 has been impacted Artivatic in positive ways. Pandemic has allowed us to provide our innovative digital solutions effectively. It has also created more demand in the insurance and health care sector as everyone needs financial protection. Legacy businesses need to have a digital transformation to survive, and hence the pandemic has appeared as a boom.
Artivatic being an Insurtech platform, has helped mitigate the risks to the insurance companies not only during COVID-19 but enabled them to be future ready. We provide:
- Access to a large market with low-cost technology and digital adoption
- Unique risk based and instant decision approach to creates efficiency, transparency, and low-cost products
- The robust business process with high scale, as you go and personalized basis.
- Growth, operating leverage, and reducing cost, increasing ROI with Artivatic’s unique technology solutions.
- Artivatic suggests that Insurance companies must enable remote distribution via way of integrating video, speech-based technologies with integrated OCR/ICR processes so that the entire journey can be automated, digital, and isolated.
What would you like to advice the young generation of entrepreneurs and enthusiasts who want to venture into the infrastructure management services sector?
It is essential to believe in yourself and your dreams. As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses. An entrepreneur has a vision for something and a desire to create it. Keep your eye clear at all times. You can’t achieve success overnight. You have to persevere and don’t be afraid to invest time in your company. If you look closely, most overnight successes took a long time to become what they are today.
Where do you envision Artivatic in the long run, and what are your future goals? How do you plan to embrace the changes happening in your industry?
Artivatic was started in early 2018 and was operational in late 2018. We are now moving to next phase of growth for health network, health benefits, and building personalized insurance systems, risk systems, and automation using technology.
What is the current industrial scenario of the infrastructure management services sector?
The insurance sector is moving from processes to tech driven, and software focused. The ‘legacy software, manual driven processes’ way of building and running the insurance business is no longer viable for the present’ on-demand, need based’ world. Here are the reasons why!
- Businesses find it challenging to have the right technology that can reduce cost, increase efficiency, and reduce risk.
- No Personalized risk assessment, premium, and coverages. Lack of data driven decisions.
- Buying the right, personalized insurance is a challenge for employees, SMEs.
- Distributors, Insurance, and Brokers finds it difficult to easily integrate and sell insurance.
- Non-traditional distributors/Brokers are finding it challenging to integrate and sell insurance.
- SME/Businesses are finding it challenging to buy personalized insurance for liability/indemnity and employee health.
- Insurance backend is legacy and outdated and need new age process for risk assessment, underwriting, claims, and distribution.
- This entire insurance ecosystem needs a new ‘OPERATING SYSTEM’ to run on, and that is INSURTECH.
- Insurtech solutions help insurers in improving the value chain at every stage. The emerging technologies allow in addressing customer demands, create efficiencies and reduce costs in the insurance industry.
- To summarize, Insurtech is revolutionizing insurance by providing customers and service providers a seamless, error-free, and safe way to operate the business.
- According to a study, Global Insurtech Market revenue is valued at 5.48 billion in 2019 and is expected to reach 10.14 billion by 2025, growing at a CAGR of 10.80% during the period 2019-2025.
Source of Inspiration
Layak Singh, Founder and CEO, is currently building Artivatic, which is all about empowering Insurance and Healthcare sector globally with its in-house patent pending technologies. We use AI extensively to create products, tools, technology, solutions, and services to insurance, brokers, reinsurance, distributors, and health partners and manage buying, selling, and entire lifecycle management of Insurance.
Earlier, he was Founder and CEO at Fullerene Solutions and Services (P) Ltd, a portfolio company for education, content, and lifestyle ventures. He has also been a part of DRDO, IOCL, and EDUDIGM to execute their projects, being an in-house entrepreneur and more focusing on building team, product execution, helping in business strategies, prediction, marketing, etc PR, revenue, and financial performance.
He is a born-entrepreneur and never likes to be defeated until the end. He has built many communities around Bangalore like Bootstrap Bangalore, 2Weekends Hakathon, among other.
He was 2014 Fellow in the Startup Leadership Program in Bangalore. He also has a knack for writing about startups, education, entrepreneurship, technology, artificial intelligence, culture, consumer interaction, business, and health. His write-ups got featured in Techinasia, Silicon India, and Yourstory.
