Artificial intelligence by default has become a part of our lives. It is possible to see artificial intelligence applications in almost every app that we are frequently using every day. Exposure and domination of AI in insurance realm is becoming more inevitable as digitalization process in the sector is proceeding in the fastest way ever. We see InsurTech innovation in mainly three categories: improving customer experience, understanding the customers and preventing fraud. We hosted Layak Singh from India for the Startup Spotlight of this week. He is the founder and CEO of Artivatic.ai, which empowers healthcare, insurance, broker & re-insurance businesses and developers to re-imagine insurance & health products for the next billion users.They at Artivatic are constantly building low-cost, modular API infrastructure so that businesses /hospitals can go live in a matter of days, not months. They offer many services in insurance area ranging from underwriting to prediction, from automated decisions to claims processing and many more.
Tell us about your team.
Artivatic is founded by Layak & Puneet, both are serial entrepreneurs and have work exp in USA, Canada, Japan, India. Team is strong mix of product, business, domain, tech and sales. There are 40+ people in Artivatic.
When and why did you found your startup?
Artivatic was started in Late 2017 by Puneet & Layak. This idea came via the last startup COGXIO where we were developing an online networking platform with health & finance focus. During this time, we were also buying insurance and showing the painful process to go through and then decided to use technology to build a smart asset-light insurance platform which can transform complex, manual and legacy processes into simplified, personal and need basis.
What are your key and unique features?
Artivatic is an Asset-light insurtech & healthtech platform that provides end to end lifecycle focused products, solutions & APIs using AI, ML & Data. From customer acquisition, lead management, training to agent management, sales, marketing, distribution to risk assessment, fraud intelligence, smart underwriting, decision making to claims servicing & branch servicing via 200+ APIs, 6+ Core products.
What is your startups' stage?
Product-Market Fit - $5.000 - $25.000 revenue per month
Tell us about the numbers that matter to you.
5+ Clients, 2M Policies Processes. Saved $10M+ costs
What are your plans for next year and next 5 years?
Launching DIY insurance
Launching Customer focused personalized and transaction insurance
Launching to other geographies
Target of US 250M ARR in next 5 years
More information about Artivatic.ai
Founder: Layak Singh