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Insurtech is the New Software!
Insurance sector is moving from processes to tech driven and software focused.
Insurance sector is growing like never before and transforming its technologies to reach to customers, enhance processes, experience and optimizing risk assessment using data, processes, systems and learning.
Every business, activities will need insurance in one or other forms. Every business company WILL be a insurtech company. Insurtech is the New Software now.
Let that sink in.
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. This entire ecosystem of insurance needs a new ‘OPERATING SYSTEM’ to run on, and that is INSURTECH.
Building such a ‘system’ requires ground-up innovation and first principles thinking. We, at Artivatic.ai, embarked on this journey 3 years ago and today Artivatic is proud to say that we have been getting successful in doing so, of building a future-ready insurtech platforms that allows entire insurance ecosystem to run on its OPERATING SYSTEM.
We recently raised our Pre-Series A funding too. The round was led by KFintech Technologies (Backed by General Atlantic).
Artivatic is building Insurtech Operating System to transform the insurance sector where every process will become software driven.
What is the future of Insurance?
This isn’t an academic question.
This keeps every single innovator at Artivatic.ai up and thinking at night. After a lot of debates, discussions, and mulling over, we’ve finally come down to one word – Proactivity.
Let us explain why.
Before that, a slight detour.
A key change that has been brewing over a period of time is how the end customer has increasingly become the center of the insurance & healthcare. Further in a global and connected insurance sector, a small disruption at an arbitrary point has a butterfly effect, with far reaching impacts.
We got glimpses of this a few months into the pandemic and the recent Suez Canal incident. Brands now need to make more complex decisions in less time to run the modern insurtech processes either it is underwriting, product design, claims, distribution, servicing, operations, fraud insights, distribution and more.
Insurance companies, Re-insurance, Distributors, Brokers etc., over a period of time, have started to realize this and have begun to question their existing business, operations & distribution strategies.
It is now increasingly becoming clear that the personalized pricing, faster decision making, intelligent risk insights, self & automated claims processing, virtual /digital operations & branch servicing, personalized marketing & sales, embedded insurance, API driven distribution, API driven internal processes & infra, virtual /video driven communication are and will be the big difference between competing insurance companies, distributors.
The split-second decisions that supply chain and logistics personnel have to take every day are becoming more complex as they involve a lot of variable factors. It is impossible for a human to consider all scenarios and arrive at a decision. You need robust proactive systems in place to tackle this situation.
Artivatic has launched many platforms in recent past to empower Insuretch to drive future of insurance:
AUSIS: AI Smart Underwriting [Life, Health, SME, Alternative]
MiO: AI Sales & Marketing Platform
Onboarding: Onboard customers faster & seamless way
ASPIRE SME : Personalized Employee Health & Business Insurance
ASPIRE Customer: Self & Personalized Platform for policy manage, claims, family, health, mental health and communities
DARVIN: AI Healthcare Platform
ProdX Design: Product & Rules Design Platform
ProdX Distribution: API Driven Distribution for B2B2C
INFRD: AI Insurance Cloud APIs Platform (400+ APIs)
ALFRED: AI Claims Platform [ Accidental, Death/Disability, Health]
Looking forward to building the Operating System of Insurance!
Interested to partner with Artivatic.ai, write to email@example.com