Stronger Together! Artivatic — The way forward!
Insurance is a very niche subject in India where many people still do not have the basic awareness about insurance. Artivatic, thus being an InsurTech startup was also a risky decision for me, when I started the company in 2017. Though the InsurTech market globally has a lot of prospects, the journey was no less than a roller coaster ride.
I was born and brought up in a small rural village near Chambal where I learned to ‘Never Fear and Take Risks’. From Chambal to studying in Agra and going to IIT Kharagpur and then building three start-ups in Bangalore. The journey was eventful. I failed, learned, and even got successful.
In the entire span of my entrepreneur journey, there have been several ups and downs, which made me even tougher and stronger to take on multiple challenges and simultaneously the ability to resolve them with experience-driven expertise.
Building an organization is an emotional rollercoaster ride and you are bound to face numerous breakdowns along the way. At the same time, everything that you build unavoidably becomes personal as it has grown from within you. This is where the DNA of an entrepreneur steps in — an entrepreneur has to learn to detach from his emotions and keep his ego away from hampering progress. This might be challenging but you will soon realize that looking at problems objectively makes them relatively easier to solve.
The whole idea to build Artivatic was to build a tech-led model, which should have the power to make self-decisions with limited human intervention. With just a team of 4-to 5, our vision was to build an international business and impact the millions of lives with technology; by providing them access to quality and affordable insurance & healthcare. From a small team, we built a 75+ members team today. Artivatic has built 7 next-gen insurance products and solutions to simplify risk assessment, process automation, and transform legacy insurance into digital, personalized, and customer-centric while taking the affordability of our clients into consideration.
With the help of Artivatic’s products, we have been able to process 200K + claims, 2.0 Mn + policies (assisted by AI), led conversion growth by 25%, detected verification by 15%, and optimized 25% cost via automated & digitized onboarding. After raising 2 rounds of funding from Indian Angel Network and many HNIs, in May 2021, Artivatic raised Pre-Series; an investment and strategic partnership with KFin Technologies. Artivatic utilized the funding to broaden the product portfolio, explore new business horizons and expand its footprint across India and other global markets.
Throughout my entrepreneurial journey, I have always believed that ‘The First Step towards getting somewhere is to decide you’re not going to stay where you’re’ and that’s what holds true to Artivatic too. I am pleased to announce today that Artivatic is getting stronger with the new Partner ‘RenewBuy’.
Renewbuy is RenewBuy is a disruptive InsurTech player providing choice and convenience to customers buying Health, Life, and Motor Insurance products, delivered through a trusted network of POSP (Point of Sales Person) advisors. RenewBuy has grown exponentially, because of its unique model of combining a complete digital experience for customers; to avail the choice of insurers, comparison on price and features, and advice from trained, certified POSP advisors; from buying to renewals and servicing for claims. The entire experience is paperless and contactless and policy is issued instantly.
RenewBuy will allow us to provide a wider array of services. The acquisition will give our company an edge over our competitors as both the companies have access to some fine technology. With this acquisition, we aim to mitigate the demand-supply gap for insurance, especially in the smaller towns and cities. This acquisition will help our company mark its footprint in the affordable insurance market for all and build the next future of insurance and health even in Tier 2–3 cities.
The collaboration will begin a new growth journey for Artivatic.AI and RenewBuy. The alliance of deep tech expertise and product solution capabilities of Artivatic and digital distribution prowess of RenewBuy, will help in providing end-to-end under-writing and claim solutions to RenewBuy’s existing 3 million consumers and potential consumers across the country.
We hope that you are as excited as we are, about the merger.