Tech Mahindra and Israeli startup Atidot collaborate on AI-based insurance solution

PUNE: Tech Mahindra on Thursday announced a collaboration with Atidot, an Israel-based InsurTech firm that offers predictive, analytics, Artificial Intelligence (AI) and Machine Learning (ML) tools for the life insurance and annuity companies.

Tech Mahindra and Atidot, through this partnership, will provide a one-of-a-kind platform to increase profitability for insurance companies by predicting customer behaviour, lapse patterns and improve their cross-sell as well as upsell capabilities.

Gautam Bhasin, global head - Banking, Financial Services and Insurance (BFSI), Tech Mahindra, said, “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 bring new benefits to life insurance policyholders by offering them policies that are more appropriate, have better coverage as well as protect retirement savings. It would help life insurance providers effectively capitalize on revenue potential -- be it addressing and correcting underinsured policies to increase premium collection, leading to better customer engagement, and reducing lapse rates thereby maximizing the number of profitable policies for the provider.

Atidot’s AI and ML-powered algorithms use anonymized data to generate nano-segments of actionable insurance risk behaviour based on modelling the interaction between the customer and the policy. These insights enable providers to generate top-line revenue by identifying policies with potential for upsell or cross-sell, improve retention rates, reassign orphan policies, and optimize their books of business by generating real-time visibility of their risk portfolio.

Dror Katzav, CEO, Atidot, said, “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 start reshaping business processes to efficiently monetize the insights in hand with the appropriate designed IT infrastructure, all the 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.” Apart from offerings for legacy modernization, Tech Mahindra currently offers other solutions such as claims, policy servicing, new business and underwriting, closed book accounting among others.

Source: The Times of India