Contact person: Ramanathan Srinivasan
Email address: [email protected]
Contact number: +919790911906
Asia and ANZ
The Digital Insurer Startup InsurTech Award
ZASTI's (meaning predict in the Sanskrit language) focus is helping insurers and re-insurers solve many problems instead of working with a startup to solve one a problem!
We believe, unlike software AI is not defined by the domain or by rules that restrict a program. For AI to attain its true potential it should be treated like a kid. It should be given varied opportunity to learn, fail, and succeed. Only then its true potential can be benefitted.
With this belief, as co-founders (with thick hair, grey hair, & no hair), we quit our full-time jobs/companies in 2015 and focused on two data sets; Visuals (pictures & videos) and Numbers (from sensors, excel, databases etc). These two data sets can solve more than 50% of insurers challenges. So we spent 2 years (2015 to 16) building our algorithm working on pro-bono projects and government projects to fine tune and validate our algorithm.
2017, is a key year in ZASTIans life, as were selected by Indian Institue of Technology Madras (one of the top technical institutes in the world and no 1 in India) for incubation under the MedTech. This was a huge validation for us as it meant our Technology was no more idea or dream but a validated AI from one of the best institutes in the world. This helped us to further fine-tune our algorithm towards the vision of solving multiple problems. IITM also decided to invest in us as they believed in the technology roadmap of ZASTI.
In June 2017 we competed in the Airbus Bizlab challenge competing with more than 10,000 startups across the world. We won the Airbus Bizlab challenge and became the only AI startup from India to be selected for an in-house acceleration. This enabled us to start our relationship with Airbus Bizlab where we are working on multiple paid pilots.
This also opened a new perspective for us. ZASTI was predicting risks for our existing clients. Be it healthcare where we were doing an early diagnosis of blindness or Aviation where we were predicting failure of components, or using CCTV feeds to identify damages, ZASTI solution was predicting Risks. This made us realize that we should focus on Insurance as that business is everything about RISK.
In 2018, we won the StartupBootCamp acceleration once again competing with multiple startups across the world. That started our journey into InsurTech.
Today we are working with 5 major insurers and reinsurers in Aviation, Commercial Property, and Marine. The key aspect of this is our core AI algorithm which can solve many problems as long as the data set is Visual or Numbers. The same algorithm is helping:
a. Re-insurers identify delayed flight and thereby understand cash flow for 12 months,
b. The insurer in predicting Windmill Turbine failure thereby reducing the huge amount of O&M cost.
c. Insurers identifying Health and Safety compliance using CCTV camera footage. This ensures 100% compliance tracking and also predicting of events before they happen.
d. Marine insurer invalidating claims using Captain Noon Reports, Ocean Data, and AIS data
These are some of the current use cases we are working with Insurer and we believe there are more than 100 use cases we can and will solve for them in the future using the same AI. This also enables the AI, like a kid becoming a teenager to a wise adult, learn from multiple data sets and business and evolve into a self-learning AI that can help predict multiple risks for insurers.
By working with ZASTI as an AI partner also ensures that Insurer does not have to constantly worry about security measures, GDPR compliance, and governance structure which is built in ZASTI's DNA. This also enables ZASTI to work with other startups and provide them with the eco-system that is already approved by the insurer.
With ZASTI let's predict Risks!