Tech Mahindra & Israel-based Atidot Partners to Bring AI Enabled Solutions for Life Insurance Companies
Tech Mahindra, one of the leading provider of digital transformation, consulting and business re-engineering services collaborates with Atidot, as Israel based InsurTech that offers predictive, analytics, artificial intelligence (AI) and Machine Learning (ML) tools for the life insurance and annuity companies. The partnership will offer a one-of-a-kind platform to increase the profitability for insurance companies by predicting customer behaviour, lapse patterns and improve the cross-sell as well as up-sell capabilities.
Commenting on this, Gautam Bhasin, Global Head – BFSI, Tech Mahindra, says, “Today insurance companies are keen to leverage the vast data across the insurance enterprise, to understand their customers better in terms of their needs and preferences to be able to offer personalized products and services, in addition to improving business process efficiency. Big data and analytics play a key role in achieving this objective. Tech Mahindra’s collaboration with Atidot will help deliver innovative, cutting edge solutions to the global insurance industry in big data & analytics, powered by insurance specific artificial intelligence and machine language capabilities”.
The solution will also provide the insurance policyholders policies that are more appropriate, have better coverage as well as protect retirement savings. In addition, the solution will also assess coverage needs and remedy under or over-insured policies in a timely and responsible manner. Atidot’s AI and ML based algorithms help anonymized data to generate nanosegments of actionable insurance risk behaviour based on modelling the interaction between the customer and the policy. The insights also help the providers to generate top-line revenue by identifying policies with potential for upsell or cross-sell, improve retention rates, reassign orphan policies, and to optimize their books of business by generating real-time visibility of their risk portfolio.
Insurance companies are in the midst of a revolution, with the value of data surpassing that of gold and oil. Insurance companies that want to stay relevant must become digitally savvy and embrace data-driven solutions. But it is not an easy process. The first step to becoming data-driven is to start generating actionable insights, and only then to start reshaping business processes to efficiently monetize the insights in hand with the appropriate designed IT infrastructure, all while keeping in line with the stringent privacy and data security requirements in the insurance industry. Tech Mahindra is a leading provider for digital transformation and change management, and by combining Tech Mahindra’s positioning and capabilities with Atidot’s Artificial Intelligence will be pivotal for insurance providers and the industry”, states, Dror Katzav, Co-founder & CEO, Atidot.
Established in 2016, Atidot is a cloud-based SaaS platform tailored according to the needs of the life insurance industry that uses AI, ML and predictive analytics to allow life insurers to make data-driven business decisions. It’s technology solves the pain point by augmenting company data with external sources and running predictive models that generate accurate insights and help identify pockets of untapped opportunities for the business to leverage.