Tech Mahindra and Israeli startup Atidot collaborate on AI-based Insurance Solution

Tech Mahindra has partnered with the Atidot to provide with the Artificial Intelligence-powered solution for the life insurance companies.

Atidot provides analytics, predictive, machine learning, and artificial intelligence tools for annuity and life insurance companies.

With the help of this collaboration, Atidot and Tech Mahindra plan to offer a platform to increase the profitability of the insurance companies. The platform will help in predicting customer behaviors, lapse patterns. The solution will also help to improve their up-sell, as well as cross-sell capabilities.

The companies claim the solution will help the insurance policyholder to select the more appropriate policies that have better protection as well as the coverage retirement savings.

Executive Opinion

Global Head - Banking, Financial Services and Insurance (BFSI), Tech Mahindra, Gautam Bhasin, said, "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. Tech Mahindra’s collaboration with Atidot will help deliver innovative, cutting edge solutions to the global insurance industry in big data & analytics, powered by insurance specific artificial intelligence and machine language capabilities."

CEO and Co-Founder, Atidot, Dror Katzav, said, "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. But it is not an easy process. The first step to becoming data-driven is to start generating actionable insights, and only then to start reshaping business processes to efficiently monetize the insights in hand with the appropriate designed IT infrastructure, all while keeping in line with the stringent privacy and data security requirements in the insurance industry. Tech Mahindra is a leading provider for digital transformation and change management, and by combining Tech Mahindra’s positioning and capabilities with Atidot’s Artificial Intelligence will be pivotal for insurance providers and the industry."

Tech Mahindra has recently bought BORN Group, which is a digital content and production agency for the $95 million in an all-cash deal.

Previously, Tech Mahindra partners with Quantoz, to offers Blockchain as a Service for Secure Digital Payments. Tech Mahindra had set up its first development center in the Timisoara, Romania.