Tales from a 5-year-old Start-up Journey!
Launching a startup can happen quickly. Making it a real business — Takes a lot of time. But how much time does it take to make a successful startup?
I get asked this question a lot. The short answer is it takes at least four years just to get pointed toward a real business, and I'd argue it takes 7-10 years to make your startup the success you had in mind when that idea came to you. Having seen the journey of many startup founders and having started many companies myself, I've noticed a consistent pattern in how those formative years come together.
Artivatic was a journey that began with the vision of becoming the final word in the insurance ecosystem. We aimed to build new-age insurance solutions and products to automate processes, mitigate risk assessment, and make insurance available 24/7 via tech-led platforms. The only way to proceed was by replacing outdated legacy with AI-led customer-centric digital platforms, and that's the challenge the startup accepted.
Talking about significant events happened in Artivatic, here is the glimpse:
1. Artivatic & RenewBuy Acquisition: To accelerate a long-term strategic plan, RenewBuy acquired a controlling interest in Artivatic. This acquisition will allow us to provide a more comprehensive array of services. The acquisition will give our company an edge over our competitors as both companies have access to some fine technology. With this acquisition, we aim to mitigate the demand-supply gap for insurance, especially in smaller towns and cities. This acquisition will help our company to mark its footprint in the affordable insurance market for all and build the next future of insurance and health even in Tier 2-3 cities.
2. Diversifying Offices (Gurgaon, Bangalore, Mumbai): With the end of work from home policy, Artivatic launched its new office in Bangalore. The new operational centre to strengthen technology kickstarts the next phase of Artivatic's business growth.
1. Hybrid- work model- Following suits, Artivatic evaluated its work from office policy in June and made it necessary for employees to be on-site at least three days weekly.
2. Team growth trajectory- Our growth trajectory continues to be extraordinary, and we are thrilled that our team has expanded to 100+ experienced and talented professionals.
3. Our growth partners– By integrating Artificial Intelligence and Machine Learning into our products, we aim to solve our consumers' claim settlements and policy issuance. It has helped us successfully grow our clients from 3 to 10+ and is expected to grow faster.
We also bagged awards, and accolades down the line:
1. ASPIRE HEALTH by Artivatic mentioned in Forbes for using the Power of Web 3.0 and being an innovative technology in the healthcare sector.
Artivatic.ai [a RenewBuy Company] was recognized as a Health SaaS Data Platform by Bessemer Venture Partners in their Health Prediction Report.
Artivatic takes home the Bronze Award at the Efma-Accenture Innovation in Insurance Awards 2022! - We were honoured to receive the Brozen award for the Insurtech category at the Efma-Accenture Innovation in Insurance Awards 2022!
NASSCOM NHA Conclave 2022- Artivatic [a RenewBuy Company] was a presenter at NASSCOM NHA Conclave 2022.
DIFC FINTECH HIVE- Artivatic selected for the 2022 Fintech Accelerator Program.
India has a 1B+ population, and still, more than 60% population does not have health protection; more than that, less than 10% can avail health claims and end up paying more than 60 billion USD as out-of-pocket expenses.
To enable BHARAT as 'ONE BHARAT, ONE CLAIMS' motive, Artivatic has launched Alfred Claims Xchange Platform connected with hospital, patients and payers to ensure patients gets discharged in 60 mins. It is an integrated smart-driven AI platform that will drive the claims journey right from intimation to settlement, along with the capability to provide analytics and reports to the required stakeholders. Through AI-driven decision capabilities, it will detect and analyze damages along with providing the proper part price estimation for the damaged part of the vehicle. The platform will also ensure that frauds get detected early in the claims lifecycle, thereby minimizing the risk of loss to the insurers.
The dream we live today was created on a shoestring budget with a lot of passion, challenging work, and ideas as critical investments. We are all aligning to the new reality in the wake of unprecedented challenges businesses worldwide face. As an organization, we are looking at this situation as a catalyst to fast-track innovations and working on new service methodologies to continue influencing and enabling insurance for our customers. Over the years, we have set gold standards for Insurtech regarding people, process, technology, and innovation. We aim to continue delivering unparalleled value to our customers and people. Artivatic is innovating in other product areas in insurance & health, like launching Unified Smart & Instant Underwriting For 60 Seconds Policy Issuance.
With the vision to enable millions of people to have proper protection, good benefits, and instant claims; we are coming up with other platforms like Sales Enablement, Renewal Management, Motor Insurance Network System for Claims to Telematics, Better Product Design for Customers and More.