Indian Angel Network Makes an Undisclosed Investment in Artivatic Data Labs
Rajesh Relan (ex-MD – PNB Metlife Insurance) joins Artivatic board; funds to be used for Business Development, infrastructure enhancement and , Research & Development.
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Indian Angel Network (IAN), one of the largest early-stage start-up investment, mentoring, and support network in India, has recently made an undisclosed investment into Artivatic.ai [Owned by Artivatic Data Labs Pvt Ltd.] The investee company will utilize the freshly-raised funds for Business Development, infrastructure enhancement and Research & Development. IAN member Rajesh Relan (ex-CEO – PNB Metlife Insurance) has joined Artivatic as a board member post the investment. Established in early 2017 by Layak Singh (Founder & CEO) and Puneet Tandon (Co-founder & CPO), Artivatic Data Labs Pvt. Ltd. leverages cutting-edge technology such as data analytics, artificial intelligence, and machine learning to address the challenges faced by fintech and insurance businesses. These include issues related to customer on-boarding, Screening & risk profiling, improving consumer engagement to improve business retention, improving operational efficiency and costs, inaccurate risk/fraud analysis systems, complex & time taking underwriting & claims processes and inefficient processes leading to timely execution.
Speaking on the announcement, Layak Singh, Founder & CEO – Artivatic Data Labs, said, “Artivatic was launched to address major challenges within the Indian fintech and insurance domain that most existing players were unable to solve. Since our inception, we have leveraged cutting-edge technologies such as data analytics, machine learning, and AI to consistently deliver exception results for our business Partners. Being chosen for investment by a renowned Indian Angel Network is a major shot in the arm for us, and a massive validation for our business model. This funding gives us access to growth capital that can help us build on our market differentiation by further strengthening our technological capabilities and delivering efficient tech-led solutions to our customers.”
Artivatic leverages proprietary, patent-pending algorithms and technologies to streamline and automate business-critical Insuretech processes. The platform uses alternative data from multiple sources – internal, external, interaction, device, and environmental, etc. – and combines it with psychological insights and genomics analogy to enrich the quality of fintech data and for 360-degree, in-depth customer profiling.
This differentiated, cross-functional approach during the pilots has enabled Artivatic to reduce the customer on-boarding time and costs by up to 50%, while enabling up to 25% better risk delinquencies, with a scope for further improvement. Its innovative solutions have also improved efficiencies in Insurance business processes by up to 50%, while also drastically enhancing the end-customer experience and product personalisation.
Rajesh Relan, Lead Investor, Indian Angel Network, added, “Artivatic is a new age Insuretech Company that will aims to simplify the processes and improve operational efficiency. Artivatic has developed capabilities that include a high potential experienced team, robust technological framework, a differentiated business model and a product that addresses a major gap that exists in the Insurance Industry. The founding team’s involvement in human behaviour and psychology-focused start-ups also gives it an access to a unique, intersectional skillset which further helps it deliver more personalised business solutions to fintech and insurance companies. We are confident that the team will continue building on its strength and will soon emerge as one of the leading players within the Indian Insuretech domain.”
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