RenewBuy announced the acquisition of cutting-edge, artificial intelligence-based insurtech company Artivatic.AI on 21 February. The Bengaluru-based insurtech firm has been delivering underwriting and claim solutions to multiple life and non-life insurers. The acquisition will allow RenewBuy to extend its tech solutions across the value chain, from sales to underwriting and claim solutions, according to the company.
The deep tech integration will help in providing consumer solutions, related to insurance claim settlements (which remains a challenge for the category), risk assessments and underwriting. RenewBuy will take the ownership of Artivatic.AI’s SaaS solutions for insurance, IP and product portfolio. Artivatic.AI’s 6+ patents in the fintech space will substantially enhance RenewBuy’s current policy delivery and servicing capabilities, the company said.
Balachander Sekhar, CEO, RenewBuy said, “We pioneered the digital agent distribution model, by putting an app in the hands of an agent. This led to a new revolution, where our POSP (Point of Sales Person) agents could do business anywhere, anytime, making the physical branch redundant. Once we met the team from Artivatic.AI, we realised that the underwriting and claim settlement issues they have solved using their AI driven solutions, will deliver the most powerful digital platform in this space. The integrated solutions will give us a massive competitive edge and solve a long-standing problem for the industry. We really look forward to delivering more and more tech led solutions for the insurance consumer, with the combined tech capabilities."
Artivatic.AI’s ML and AI-based algorithms offer seamless operations to both insurers and consumers. Apart from ease in operations, the company also provides risk-based personalized automated solutions, which caters to underwriting claims, risk and fraud intelligence, embedded distribution and sales intelligence.
Layak Singh, Founder & CEO, Artivatic.AI said, “RenewBuy has proven to be a leader in the digital insurance market; significantly contributing to the sector. The value chain will now be integrated with deep tech solutions; we are looking at a massive business scale up from this acquisition. Artivatic.AI already has 400 plus APIs and many patents, which have been developed with different insurance companies. Partnering with RenewBuy will overnight give us the exposure of reaching out to 3 million consumers and help deliver cutting edge product solutions."
RenewBuy currently has about 70,000 point-of-sales person (POSP) agents and has insured more than 3 million customers across 750 cities and towns. It aims to reach 2000 cities in the country. Smaller towns and cities are contributing more than 60% of revenue, in this current financial year, the business has already grown by 60%, according to the company.
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