RenewBuy, an insurtech company, has acquired Artivatic.AI
- ByStartupStory | February 22, 2022
On February 21, RenewBuy announced the purchase of Artivatic.AI, a cutting-edge artificial intelligence-based insurtech business. Multiple life and non-life insurers have used the Bengaluru-based insurtech firm’s underwriting and claim solutions. According to the business, the purchase would allow RenewBuy to extend its digital solutions across the value chain, from sales to underwriting and claim solutions.
RenewBuy, an InsurTech player, has acquired Artivatic, a cutting-edge artificial intelligence-based InsurTech firm. AI was purchased for an unknown sum.
Artivatic.AI, based in Bengaluru, has been providing underwriting and claim solutions to a variety of life and non-life insurers. RenewBuy will be able to extend its digital solutions across the value chain, from sales to underwriting and claim solutions, as a result of the purchase.
Consumer products connected to insurance claim settlements (which remains a concern for the sector), risk assessments, and underwriting will also benefit from the deep digital integration. SaaS AI’s solutions for insurance, IP, and product portfolio will be acquired by RenewBuy.
Artivatic was founded in 2018 by Layak Singh and Puneet Tandon. For the banking, healthcare, and insurance industries, AI, machine learning, and deep learning are used to create intelligent products and solutions.
AI is supporting insurance businesses in developing individualised risk profiles of consumers, tracking and understanding their financial and behavioural journeys, and developing real-time knowledge based on those patterns, thanks to game-changing technology.
RenewBuy is a disruptive InsurTech business founded in 2015 by Balachander Sekhar and Indraneel Chatterjee that offers clients choice and convenience when purchasing Health, Life, and Motor Insurance policies through a trusted network of POSP advisers.
RenewBuy employs over 70,000 point-of-sale (POSP) agents and has insured over 3 million consumers in 750 cities and towns. Its goal is to reach a total of 2000 cities across the country. Smaller towns and cities account for more than 60% of total income in the current fiscal year.
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