Deep tech integration will help in providing consumer solutions, related to insurance claim settlements: Artivatic.AI

Artivatic.AI is a Bengaluru-based artificial intelligence (AI) startup that is integrating technology to build intelligent applications and solutions, especially in Insurtech space.

Artivatic uses patterns of psychology, genomics science and neuroscience capabilities to automate decision making in real-time to improve RoI, cross-sector intelligence and personalized recommendation experience.

The company has received $1,75,000 in funding from Layak Singh and angel investors, and are present across India, USA and Singapore. Following are their clients in B2B space: ICICI, Prudential Life, HDFC ERGO, Aegon Life, Aditya Birla Life, RenewBuy, ICICI Lombard, Iffco, Tokio, etc.

Layak Singh, Founder and CEO of Artivatic.AI, tells us more. Excerpts from an interview:

DQ: How is Artivatic.AI leveraging AI/ML to address the challenges of the insurance sector?

Layak Singh: Artivatic was incepted four years ago to empower insurance and healthcare business. It has been offering 360-degree support to all the stakeholders- from insurance providers, hospitals, TPAs to sales agents, underwriters, and consumers. We leverage artificial intelligence (AI), machine learning (ML), and deep learning to build intelligent products and solutions for insurance businesses.

The technology integration allows business tasks, data analytics, decision making, automation, marketing, strategy, insights, delivery, interaction, tracking and personalization take place in real-time through a single AI interface.

Over the time, Artivatic developed checks and balances to detect frauds, empower policy issuance, improve claims decision product decisioning, product pricing and providing personalized product recommendation, nudges.

In 2022, RenewBuy acquired Artivatic, and we joined hands with one of the leading InsurTech players in the industry. The deep tech integration will help in providing consumer solutions, related to insurance claim settlements (which remains a challenge for the category), risk assessments and underwriting.

DQ: How did Covid-19 impact the business?

Layak Singh: Like every business, Covid-19 had impacted our business too. However, on the hindsight, Covid made a positive impact on the insurance business in the country. There was increasing awareness and understanding on the need and significance of insurance, as financial protection. People realised that uncertainty and crisis can come up at any point in one’s life and without insurance, one can end up spending all the savings accumulated.

Added with this, consumers also realised the significance of paperless/ contactless insurance and digital insurance propelled. Digital insurance testified, how it could reach out to consumers in smaller towns and cities, without the need for traditional insurance office.

The pandemic also prompted insurers to emphasize on their digital transformation efforts and join hands with InsurTech companies, so that the end-to-end insurance process could be tech-led, contactless, with less turnaround time. That is where our InsurTech solutions immensely helped companies. Multiple insurance companies adopted tech solutions like AI-based underwriting, virtual claim filing, virtual contracts, etc., to provide a seamless, integrated customer experience to consumers.

Only tech-based insurance solutions could reach to end consumers in the smaller towns and cities. Hence, during the pandemic, we provided insurance companies with multiple tech solutions and enabled them to be future ready.

DQ: Elaborate on the key products and share the products' USPs.

Layak Singh: Artivatic is building new-age insurance products and solutions to automate processes, mitigate risk assessment, and make insurance available 24/7 via technology. To do all this, we replaced the outdated legacy software with AI-led customer-centric digital platforms.

We aimed at enabling insurance providers, brokers, and TPAs build smart insurance solutions and wanted to provide a seamless, integrated customer experience to the end-users.

Several tech-based platforms have been launched, each catering to a specific need in the industry. Our key products include:

INFRD: INFRD is an advanced modular API platform (400+ APIs infrastructure) that provides building blocks to build any innovative product or enhance existing systems, processes or products. It leverages tech APIs like OCR, Risk, Health, location, fraud, video, speech, pricing, decision, medical, investigation, govt APIs, social, public and more.

ALFRED Health: It is an automated 360-degree health claims platform, connected with hospitals, patients, TPA and insures and built with ABDM /NHA bases Health UPI framework to provide India’s first Claims Health Exchange platform. ALFRED aids businesses enable self-claims digital processing, with inbuilt assessment systems of risk and fraud.

ALFRED Motor: It is an automated 360 motor/vehicle claims platform connected with garages, OEM, dealerships and insures to provide claims investigation, damage detection, pricing estimation and assessment systems of risk and fraud.

ASPIRE Health: A pocket-friendly, personalized solution, ASPIRE is meant for the group and employee health insurance segment as well as for patients to provide them with 360 health protection, assessment, mental health, wellness, and OPD.

AUSIS: A full-stack integrated intelligent engine, AUSIS is adept at processing any kind of document and data and helps with better decision making in the underwriting field.

MiO: It is an end-to-end sales enablement and lead management platform for sales team, agents, brokers, etc. For Banca-assurance, it enables automated business, sales, communication and engagement.

PRODX Design: PRODX Design is a dynamic rule configuration, benefit design, pricing and product design platform.

DQ: Highlight the company's future growth plans, and talk about new product development, which is currently in the pipeline?

Layak Singh: For the last three years, we have been consistently developing our InsurTech products, and looking for inventing newer products in the market. Our aim is to help insurance companies reach out to more and more consumers, through tech led models, which are cost-effective, time efficient and make the processes easier, both for insurers as well as consumers.

As mentioned earlier, we have been recently acquired by RenewBuy. RenewBuy has taken the ownership of Artivatic.AI’s SaaS solutions for insurance, IP and product portfolio. Our 6+ patents in the FinTech space is substantially enhancing RenewBuy’s current policy delivery and servicing capabilities. We are looking at a massive business scale up from this acquisition.

Artivatic.AI already has 400 plus APIs and many patents, which have been developed with different insurance companies. Partnering with RenewBuy has given the exposure of reaching out to 3 million plus consumers and helping deliver our cutting-edge product solutions instantly.

DQ: How has Artivatic.AI been utilizing the governance framework, and how does it help?

Layak Singh: Prevalent governance techniques, especially the ones used at Artivatic, are sufficient in most instances. Artivatic has brought together academic experts, industry pundits and top-notch tech gurus to identify the risks and advice on how best to allay them, since we believe nothing beats a collaborative approach.

So, when one uploads the documents, our tech-based products, while scanning the document, will notice there is something incorrect about (for example, the blood test values) report, and automatically flags issues with the application. With the documents, we can also map, consumer’s personal details like PAN number, signature, photos, etc., and then our underwriters have information to decide what chances of deceit are present from case to case. If it is 50%, the claim or application will be rejected. If it is 80% accurate, we will process it with certain clauses.

Thus, we are using technology to improve the underwriting and risk assessment process.

DQ: What kind of process do you follow internally to collect the data ethically?

Layak Singh: Artivatic usually does not believe in using third-party plugins. We have in-house platforms and procedures to add that extra layer of protection.

DQ: How do you foresee the InsurTech sector in the future?

Layak Singh: As per industry reports, India digital insurance market is expected to reach USD 165.02 billion by 2024 at a CAGR of over 13% during 2019-2024. The major factors contributing to the growth of the market are increased adoption of Artificial Intelligence, growing adoption of Internet of Things products and increased consumer awareness about insurance.

In the year 2021 alone, we witnessed emergence of 22 Insurtech unicorns globally. India too, showcased a very strong momentum, with Insurtech funding nearly doubling in the last 2 years. In India, the emergence of new customer segments, importance of higher distribution penetration and reach, data and analytics, significance of health insurance, have propelled the growth, especially after Covid-19.

With the pace that InsurTech is growing in India, there is room for multiple collaborations, increased scope for insurers to scale up investments in InsurTech and implement seamless collaborations.

There is also enormous scope for further innovation in key areas like deepening penetration in tier 2,3 and smaller cities and across product lines. There also needs to be a deeper penetration into the life and health insurance category. Insurance companies, aggregators, distributors and developers, everyone has to come together with regulatory bodies to smoothen and streamline the process for great consumer outreach.