Pune-based information technology major Tech Mahindra has partnered with Israel-based Insurtech startup Atidot to offer artificial intelligence enabled-solution for life insurance companies.
Atidot offers predictive, analytics, artificial intelligence (AI) and machine learning (ML) tools for life insurance and annuity companies. Through this collaboration, Tech Mahindra and Atidot claim to provide a platform to increase profitability for insurance companies by predicting customer behaviour, lapse patterns. The solution will also improve their cross-sell as well as up-sell capabilities.
“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,” said Gautam Bhasin, global head - banking, financial services and insurance (BFSI), Tech Mahindra.
The companies claim the solution will help the insurance policyholder to select policies that are more appropriate, have better coverage as well as protect retirement savings.
“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,” said Dror Katzav, chief executive officer and co-founder, Atidot, adding that privacy and data security are some of the key challenges faced by the insurance industry.
This will be tech giant's fifth acquisition of this year and second of this week. The company recently bought New York-based BORN Group, a digital content and production agency, for $95 million in an all-cash deal. The Pune-based IT giant saw its profit rise to Rs 1123.9 crore, or Rs 12.78 per share in the second quarter ended September 2019, from Rs 1064.3 crore, or Rs 11.93 per share, a year earlier.