Contact person: Joseph Moses
Email address: [email protected]
Contact number: +972534329334
The Digital Insurer Startup InsurTech Award
Atidot is bringing big data and predictive analytics to the life insurance industry, which until now has largely resisted technological change. Unlike other startups, Atidot is composed of insurance experts and actuaries as well as technological leaders, creating services that are tailored specifically for the life insurance industry. Atidot is looking to help the industry evolve, not disrupt it.
Atidot harnesses advanced artificial intelligence, machine learning, and predictive analytics technology to enable life insurers and annuity writers to make data-driven business decisions while simultaneously enhancing their services to cater to the unique requirements of their customers. As the demands of customers change, insurance providers need to ensure that they can maintain a high level of service with drastically improved methods and tools.
Focusing specifically on the life insurance and annuity industry, Atidot provides insurers with an easy to use SaaS platform. The platform utilizes underused and often neglected sources of data as well as open access information, to enhance existing actuarial and business models – utilizing technology to drastically improve the life insurance industry with predictive analytics.
Despite widespread press to the contrary and the claims of insurance startups galore, established institutional insurance providers are not becoming irrelevant and are not necessarily in need of disruption, but they must evolve. Policyholders want to receive the tailored products that smaller, nimbler firms are able to offer, and Atidot works with providers to facilitate such a service. Atidot transforms seemingly small and trivial pieces of information into nuggets of gold. For example, when a policyholder updates an insurer regarding a change of address, that information typically stays as technical data that is only applicable for mailing information. However, within that data are signs of life-changing events; did the policyholder just move from a small apartment in the city to a house in the suburbs? If so, that could represent important life events, such as starting a family and a promotion at work which require a policy to be updated. The constant analysis of data on policyholders creates new opportunities for client communications, to either offer a new service or adjust a policy, thereby increasing policyholder satisfaction and retention.
Atidot’s technology is not only assisting insurers to improve services to individual clients, it is also able to learn from trends and developments occurring in the sector, providing companies with much coveted predictive analytics – outlining the key wants of specific groups of people.
2018 has been an important year for Atidot, with the company working with some of the largest insurers around, including household names in the States. This year they have also raised $5 million in Series A funding – a significant vote of confidence in their approach, service, and technology. The round was led by Vertex Ventures with the participation of existing investors The D.E. Shaw Group, Moneta Seeds, and Bank Hapoalim. Accompanying this announcement saw leading industry figures, such as Martin Snow, a former executive at Prudential join the team.
Atidot’s approach demonstrates how technology can improve an insurance sector without seeking to disrupt and drastically change its nature – which is broadly speaking functioning well. Customers require life insurers that have survived the test of time – not a flash in the pan radical new concept. Ultimately, policyholders need assurances that the company will still be in operation in the decades to come, to ensure their loved ones are well cared for. Policyholders also need to receive the tailored products that smaller, less well-established providers are offering, and this is where Atidot’s tech comes into play.