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Artivatic Success Story
The insurance industry in India is growing 12-15% annually since last few years. Technological revolution has brought a technical drift in the industry. Technology like AI & ML are the key drivers to bring innovations in the insurance Industry. Artivatic is among the startups that offers AI-driven automation services in insurance & healthcare. It is a Bangalore based AI Startup that provides SaaS Solutions and provides tech-led insurance solutions and products to automate processes and mitigate risk assessment.
Read the success story of Artivatic to know about Artivatic founders, funding, startup idea, and the journey of its growth.
Artivatic - Company Highlights
- Startup Name-Artivatic
- Headquarters-Bengaluru, Karnataka
- Founded-2018
- Founder-Layak Singh
- Industry-Insurance Sector/ Personal Finance
- Valuation-$6.1M as of Dec 22, 2021
- Total Funding Raised-$2.06 Million
- Website-artivatic.ai
Artivatic - About
Artivatic was born in 2018, with the vision of urgently strengthening the position of insurance providers by re-imagining insurance and health solutions for the scores of users, who face hurdles at every step of the journey.
Artivatic’s aim has always been to build new-age insurance solutions and products to automate processes, mitigate risk assessment, and make insurance available 24/7 via tech-led platforms. The only way to proceed was by replacing outdated legacy processes with AI-led customer-centric digital platforms, and that’s the challenge we accepted.
Three years on, Artivatic is already fast-tracking into their next phase of growth by following its course. Being able to provide the whole gamut of sophisticated insurance offerings with zero hassle is the long-term vision - everything from offering seamless health benefits via the chosen networks to AI-driven automated, personalised processes that offer risk systems, the startup wants to foresee every need in this business and cater to it.
Artivatic - Industry
As per the Grand View Research, the total valuation of the global InsurTech market was approximately USD 2.72 billion in 2020 and that it’s expected to expand at a CAGR of 48.8% from 2021 to 2028.
Given the current uncertain times due to the pandemic, businesses everywhere acutely feel the need for insurance, often in more forms than one. In order to capitalise this growing demand, it’s increasingly clear to the industry that legacy software is not viable. To be able to match the dynamics of the ‘on-demand, need-based’ generation, AI and ML is the only way forward. This evolving ecosystem of insurance demands the support of a new manner of operating and that’s where InsurTechs step up.
Since the insurance sector understands the need to shift gears from legacy processes to tech-driven platforms, it’s doing so rapidly. Driven by its rapid transformation, its expansion is as phenomenal—using technology to enhance processes, in order to be more accessible to customers, optimising risk assessment by way of leveraging data, systems processes, etc.
Within half a decade into the future, simplification of the claims process may the key feature to drive growth in this business. Capabilities to implement competent automation processes coupled with transparent communication with users may become important criteria to judge insurance providers by. The focus will be chiefly on using innovations to improve the efficiency of the existing insurance industry model.
Now, even the industry is waking up to the potential of offerings that were previously too difficult for them to provide, such as exceptionally customised insurance policies and social insurance plans, etc—which is now possible given the advanced technology. Hence, this transformation is opening doors to many such previously unexplored avenues. Since it’s within one’s reach to read and analyse Big Data and use it to build better solutions, many unthinkable tasks are now possible.
Artivatic - Founders and Team
Layak Singh
Founder and CEO Layak Singh decided to focus on and empower the healthcare and insurance segments with Artivatic’s proprietary technologies, after learning about the pressing sectoral needs from his previous ventures. An IIT Kharagpur graduate and a serial entrepreneur, he leads the company in leveraging AI to power tools and solutions that are meaningful to all the parties in the insurance lifecycle, by offering complete lifecycle management.
His mission is to build an end-to-end, transparent InsurTech platforms that’s understood, used and appreciated by all. He was also the Founder and CEO at Fullerene Solutions and Services (P) Ltd, a portfolio company for education, online dating, content, and lifestyle ventures. Layak has also been associated with DRDO, IOCL, and EDUDIGM to execute their projects, with focus on building team, product execution, in business strategies, marketing, PR, revenue and financial performance.
An inveterate entrepreneur, he is also associated with several communities such as Bootstrap Bangalore and 2Weekends Hackathon. A 2014 fellow in the Startup Leadership Program in Bengaluru, his fields of interest encompass not only technology, startups, entrepreneurship, AI, education, but also consumer interaction, culture, and health, with many of his articles gracing renowned publications such as YourStory, Silicon India and Tech in Asia.
Puneet Tandon, a New Jersey Institute of Technology (US) alumnus, is the Co-Founder of Artivatic, and previously he had also founded two online dating startups ‘dateIITians & Cogxio.com’ along with Layak.
Before training its focus to InsurTech, Artivatic was active in the foodtech, travel, and other consumer-facing segments as well.
Co-Founder of Artivatic, Puneet Tandon has 18+ years of experience, with the last 8 years being in product/program management. It is here then that he sensed the need for a full-stack smart AI infrastructure for banks and financial firms.
A serial entrepreneur, like Layak, he has a strong penchant for technology. At present, he is integrating technology for Artivatic to build intelligent applications and solutions in the InsurTech space.
The technology affairs of the company are managed by Puneet whereas the non-technology related matters are sorted by Layak.
Artivatic - Idea & Startup Story
In 2018, Artivatic was born out of the lessons learned from the first two ventures of Founder and CEO Layak Singh, namely, COGXIO and DateIITians. These lessons, combined with market research, helped identify the requirement of an end-to-end B2B AI platform that would draw from pan-industry intelligence in real-time to help users makes the best decisions possible. Following in-depth discussions and analysis over a three-month period, a clear concept of the company was distilled. Right from its initial stage, the manner of scalability, and aligning its vision with the future of the industries it would be serving - Artivatic had its plans charted.
The initial days were, of course, challenging - explaining the concept and probability of solutions to industry leaders till they mapped the solutions to their own needs is always the initial roadblock. But soon industry behemoths like Capgemini and HCL agreed to partner with Artivatic as they successful demonstrated their technology capabilities to solve age-old issues that plagued businesses. That’s how the journey began. Soon, however, the challenges faced by the team inspired them to self-analyse and decide to channel their energies further in leading technology-led transformation of the insurance segment.
Artivatic - Mission and Vision
At its heart, the company’s mission is to help insurance providers, brokers, and TPAs build smart insurance solutions while simultaneously providing a seamless, integrated customer experience to the end-user. Hence, Artivatic’s focus is not only on building consumer-centric apps but also on forging enterprise-grade business solutions.
Artivatic - Name, Tagline, and Logo
The term "ARTIVATIC" is a combination of Artificial Intelligence and Vedic mathematics.
- Art - Artificial Intelligence
- Vatic - Vedic Mathematic
The founders focussed on combining words that accurately reflected their vision of the future—and we see AI governing the world, and we added our unique vision to it.
Artivatic - Product & Services
Artivatic is building new-age insurance products and solutions to automate processes, mitigate risk assessment, and make insurance available 24/7 via technology. And to do all this, one has to start by replacing outdated legacy software with AI-led customer-centric digital platforms.
The InsurTech aims to enable insurance providers, brokers, and TPAs build smart insurance solutions. Simultaneously, they want to provide a seamless, integrated customer experience to the end-user. Hence, they build consumer-centric apps with as much focus as do while forging enterprise-grade business solutions.
Artivatic has launched several platforms, each catering to a specific need in the industry. Artivatic’s stable includes the following-
INFRD
INFRD is an advanced modular API platform that personalises the customer experience while presenting itself as the singular solution to the risks and complexities.
ALFRED
An automated insurance claims platform, ALFRED aids businesses to enable self-claims digital processing, with inbuilt assessment systems of risk and fraud.
ASPIRE
A pocket-friendly, personalised solution, ASPIRE is meant for the group and employee health insurance segment as well as the SME and business insurance section.
AUSIS
A full-stack integrated intelligent engine, AUSIS is adept at processing any kind of document and data, and helps with better decision making in the underwriting field.
MiO
An entire online branch and PoS platform rolled into one, MiO connects all parties on one intergrated platforms
PRODX Design
PRODX is a complete AI-driven personalised smart underwriting tool, which provides huge efficiencies in terms of time, risk, fraud and expenses, among others.
ProdX Distribution: A customised B2B2C distribution and embedded insurance platform for businesses.
Artivatic - Business Model & Revenue Model
Artivatic is a product-based start-up, that provides a wide range of product portfolio and solutions that enable end-to-end digital transformation across the value chain in the insurance and health care industry.
Our products offer simplification, automation and digitised management of the operations and processes in the insurance and healthcare sector.
Our clients such as the hospital networks, the insurance carriers, the insurance brokers or the insurance TPA’s, impact the lives of a million people by providing them and assisting them with their insurance policies and health care. As the impact of better organised operations and processes, our clients are able to serve their clients better.
Our revenue model sits at this intersection of our client/s and their clients. Empowering the working relationship between the two, our revenue is driven by the number of people our client provides insurance policies to or manages insurance policies for or both. Hence most of our product revenue is driven from a per user registration fee concept. To elaborate, for an insurance policy carrier as our client, their policy holders are the registered users, in the above context.
Artivatic - Startup Launch and Growth
Since both members of the founding team have formed startups earlier as well, they were well aware of the fact that launching a company is a risk and that did not deter them. They knew that once their intent and products were understood by industry leaders, their business would gradually overcome the initial hiccups.
The initial two years of the startup were quite trying, with the first year being a huge lesson in acute growing pains of being iconoclastic in a legacy business. Be it facing rejection, bootstrapping, or building a team with limited funds, the team saw through all the phases.
With the launch of the first product in the second year, Artivatic started gradually garnering positive interest. And soon, they had partnered with aggregators such as ClearTrip, Zomato and Dineout to test their capabilities. Since that trial was a success story, the company has only been looking ahead since.
Artivatic - Challenges Faced
The COVID-19 pandemic has been an unforeseen maelstorm that has shaken the world to its core; interestingly, due to the nature of Artivatic’s business, they have been affected in a positive manner. The demand for their digital innovations has only grown in this scenario, and the transformation to tech-led from legacy of insurance providers is happening sooner rather than later in order to be future ready.
Artivatic - Marketing Strategy
Artivatic’s content engine has evolved as a critical function to Marketing Strategy by supporting business teams with strategic inputs backed by market research and supporting communication for business development activities. Moreover,
1. Their content engine is holistically maintained and managed by the in-house team, with a scientific, targeted approach to leverage digital marketing tools and traditional tactics for content substantiation, designing, and amplification.
2. With no additional outsourcing budget, content development enabled various engines in parallel, viz:
Branding & Marketing
Lead Generation – both for business development as well as attracting talent
- Digital Marketing/Social media engagement
- Leadership visibility on various platforms
- Multi-format resource centre - a hub of blogs, podcasts, infographics, reports
- Public Relations & Industry outreach
- Internal communication
- Employee Engagement
Artivatic - Advisors and Mentors
As a business leader, one is mired in the day-to-day of one’s company’s operations. Apart from the constant struggle to manage all that has to be accomplished in the short timeframe available, there also are unchartered territories to be navigated. A board can help one rise above the situation and look at the complete picture. They help the founder chart a more strategic direction that’s very difficult to spot in the daily grind.
For the same reasons, Artivatic is also backed by a panel of prominent industry leaders and entrepreneurs. If we need to identify one individual, then Rajesh Relan, as the Board of Director, has helped Artivatic with industry connections and provided a sanity check on business practices at regular interventions.
Artivatic - Mergers and Acquisitions
In May 2021, market leading registrar and transfer agency KFin Technologies acquired a 17% stake for an undisclosed amount in Artivatic. The startup has channelled the funds to expand its portfolio, explore new business opportunities and broaden its global footprint.
Artivatic - Competitors
Some top competitors of Artivatic are:
- Acko General Insurance
- Digit Insurance
- Mantra Labs
- PolicyBazaar
- Pentation Analytics
- Toffee Insurance
- Coverfox
Artivatic - Recognition and Achievements
Artivatic’s modular API-based healthcare platform called DARVIN, which was built for customers, insurance, clinics, and hospitals—won top honors in the healthcare category in RAISE 2020. RAISE 2020 was organised by the Ministry of Electronics and IT as a five-day virtual global AI summit, which was inaugurated by Prime Minister Narendra Modi. Organised in conjunction with NITI Aayog, it’s a government initiative to support tech startups and entrepreneurs through recognition and guidance, with winners taking home a reward of Rs 20 lakh.
Artivatic also won at the 2018 EMERGE 50 Awards organised by NASSCOM.
Artivatic - Tools Used
The sound of the word ‘startup’ rings many bells. Most commonly, the product or the service is the core business model. However, it takes a lot more than that to practically run a startup. The primary need is management tools and operations simplification tools to manage employee processes and day-to-day documentation activities.
Artivatic uses standard tools for HR management that help the employees onboard from their day 1 in the organisation and another efficient tool for end-to-end project management.
Artivatic - Future Plans
Artivatic aims to garner USD 15 million in revenue by Q2 2022, and is looking at 110% MoM growth in the coming months.
In the next 5 years, Artivatic wants to establish itself as a globally-recognised InsurTech, with a clear focus on:
• Establishing the brand with every operational centre scaling up independently in its area.
• Building local teams to power a decentralised capabilities network, tus enabling a scalable model.
• Expanding SME and commercial sectors by creating next-gen platforms and byte-size insurance plans to affect industry growth.
Artivatic - FAQs
When was Artivatic founded?
Artivatic was founded in 2018 at Bangalore.
Who is the founder of Artivatic?
Layak singh is the founder of Artivatic. He also serves as CEO of Artivatic.
Who are the investors of Artivatic?
Artivatic has raised a total funding of $2.06 Million. Investors funding for Artivatic are:
- KFintech
- Indian Angel Network
- Scale Venture Partners
- Sensei
- Deepak Verma
- Saurabh Chugh
