RenewBuy acquires Artivatic.AI to strengthen insurtech abilities
On February 21, RenewBuy announced the purchase of Artivatic.AI, a cutting-edge artificial intelligence-based insurtech firm. Several life and non-life insurers have used the Bengaluru-based insurtech firm’s underwriting and claim solutions. According to the firm, the purchase would enable RenewBuy to extend its digital solutions across the value chain, from sales to underwriting and claim solutions.
Consumer products connected to insurance claim settlements (which remains a difficulty for the sector), risk assessments, and underwriting will benefit from the deep digital integration. Artivatic will be acquired by RenewBuy. AI’s insurance, IP, and product portfolio SaaS solutions. Artivatic. RenewBuy’s present policy distribution and servicing capabilities will be significantly enhanced by AI’s 6+ patents in the financial field, according to the business.
“We pioneered the digital agent distribution strategy by placing an app in the hands of an agent,” stated Balachander Sekhar, CEO of RenewBuy. This ushered in a new era, in which our POSP (Point of Sales Person) agents could do business anywhere, at any time, obviating the need for a physical location. We understood after meeting the Artivatic.AI team that the underwriting and claim settlement difficulties they solved with AI-driven solutions would result in the most powerful digital platform in this field. The combined solutions will provide us with a significant competitive advantage and solve a long-standing industry problem. With our combined digital skills, we are excited to create more and more tech-led solutions for the insurance consumer.”
Artivatic. Both insurers and customers may benefit from AI’s machine learning and Artificial Intelligence based algorithms. Aside from operational simplicity, the firm also offers risk-based customizable automated solutions for underwriting claims, risk, and embedded distribution, fraud intelligence, and sales intelligence.
Artivatic’s Founder and CEO, Layak Singh. “RenewBuy has shown to be a pioneer in the digital insurance business, contributing considerably to the sector,” AI stated. The value chain will now be connected with deep tech solutions, and this purchase will result in a major company scale-up. Artivatic. AI already has over 400 APIs and several patents, all of which were created in collaboration with various insurance firms. Partnering with RenewBuy would offer us instant access to 3 million consumers and enable us to develop cutting-edge product solutions.”
RenewBuy now employs over 70,000 point-of-sale (POSP) agents who have insured over 3 million clients in 750 cities and towns. Its goal is to reach a total of 2000 cities across the country. According to the corporation, smaller towns and cities provide more than 60% of income, and the business has already increased by 60% in the current financial year.