Artivatic.ai, owned by Artivatic Data Labs Pvt. Ltd, has raised an undisclosed amount from Indian Angel Network (IAN), a company statement said.
According to the statement, Artivatic.ai will use the fresh capital for business development, infrastructure enhancement and research and development.
After the transaction, IAN member and former chief executive at insurer PNB Metlife Insurance Rajesh Relan will join Artivatic’s board.
Established in early 2017 by Layak Singh and Puneet Tandon, Artivatic uses cutting-edge technology such as data analytics, artificial intelligence and machine learning to address the challenges faced by fintech and insurance businesses. These include issues related to customer onboarding, screening and risk profiling, improving consumer engagement to improve business retention, improving operational efficiency and costs, setting up inaccurate risk/fraud analysis systems, and enhancing the underwriting and claims processes for timely execution.
“Artivatic was launched to address major challenges within the Indian fintech and insurance domain that most existing players were unable to solve. This funding gives us access to growth capital that can help us build on our market differentiation by further strengthening our technological capabilities and delivering efficient tech-led solutions to our customers,” said co-founder and CEO Singh.
Artivatic’s proprietary, patent-pending algorithms and technologies streamline and automate business-critical insurance claim processes. The platform collects data about consumers from various sources using AI, IoT, genomics science, neuroscience, natural language processing, psychology and more to create an in-depth customer profile and to improve efficiency.
During the pilot run for its product, Artivatic claimed that this 360-degree approach helped it to reduce customer on-boarding time and costs by up to 50%, while enabling up to 25% better risk delinquencies, with a scope for further improvement. It also claims to have improved efficiencies in insurance business processes by up to 50%, while also drastically enhancing the end-customer experience and product personalisation.
In April 2017, the firm raised its seed round from Singapore-based angel investor Rahul Sood.
In October 2017, it was selected to be part of the summer 2017 batch of US-based technology firm Pitney Bowes’ six-month accelerator programme. It was also earlier selected for Europe-based ‘Spark10 Accelerator’ from where it raised its initial angel capital.