Artificial Intelligence startup receives funding from Indian Angel Network
Indian Angel Network joins Artivatic board, in order to enhance the latter's business development, infrastructure enhancement, research and development.
Funds put in newer and advanced technologies that benefit the Insurance sphere will result into better performance in the field. Indian Angel Network (IAN), one of the largest early-stage start-up investments, mentoring, and support network in India, made an investment into Artivatic Data Labs. Also Rajesh Relan ex-CEO – PNB Metlife Insurance, has joined Artivatic as a board member soon after the investment. The newly raised funds will be utilized by the Artivatic, for business development, infrastructure enhancement, research and development.
Layak Singh, Founder and CEO, Artivatic Data Labs said after the announcement of the investment, “Being chosen for investment by a renowned Indian Angel Network is a major shot in the arm for us, and a massive validation for our business model. 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.”
Meanwhile, Rajesh Relan, Lead Investor, Indian Angel Network, stated, “Artivatic is a new age Insuretech Company that will aim to simplify the processes and improve operational efficiency. Artivatic has developed capabilities that include a high potential experienced team, robust technological framework, a differentiated business model and a product that addresses a major gap that exists in the Insurance Industry.”
Since inception in 2017, Artivatic leverages newest 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 on-boarding, screening & risk profiling, improving consumer engagement to improve business retention, improving operational efficiency and costs, inaccurate risk/fraud analysis systems, complex & time taking underwriting, claims processes and inefficient processes leading to timely execution.
The cross-functional approach has enabled Arivatic to cut down on customer on-boarding time and costs by 50%, enabling up to 25% better risk delinquencies. Its innovative ideas have made Insurance Businesses efficient up to 50%, drastically enhancing the end-customer experience and product personalisation.