NEW DELHI: InsurTech player RenewBuy on Tuesday said it has acquired artificial intelligence-based peer company Artivatic.AI for USD 10 million (around Rs 75 crore) which will help in expanding its outreach across the entire value chain of selling insurance policies.
Bengaluru-based Artivatic.AI has been delivering underwriting and claim solutions to multiple life and non-life insurers, a company statement.The acquisition will allow RenewBuy to extend its tech solutions across the entire value chain from sales, to underwriting and claim solutions, it said.
With this acquisition, RenewBuy will focus on improving consumer solutions related to insurance claim settlements, risk assessments and underwriting, which still remain a challenge in the insurance category, it added.
The insurtech company said this acquisition is expected to open a new revenue stream for the company with a focus on delivering new age technologies to the insurance ecosystem.
RenewBuy will take the ownership of Artivatic.AI's SaaS solutions for insurance, IP and product portfolio.Artivatic.AI's has 6+ patents to its name, which will substantially help RenewBuy in its policy delivery and servicing capabilities, it said.
"We pioneered the digital agent distribution model, by putting an app in the hands of an agent.This led to a new revolution, where our POSP (Point of Sales Person) agents could do business anywhere, anytime, making the physical branch redundant," Balachander Sekhar, CEO, RenewBuy, said.
He said integrated solutions provided by Artivatic.AI will give the company a massive competitive edge and solve a long-standing problem for the industry.
"RenewBuy has proven to be a leader in the digital insurance market; significantly contributing to the sector.The value chain will now be integrated with deep tech solutions.We are looking at a massive business scale up from this acquisition," Layak Singh, Founder & CEO, Artivatic.AI said.
He said Artivatic.AI already has 400 plus APIs and many patents, which have been developed with different insurance companies.
"Partnering with RenewBuy will overnight give us the exposure of reaching out to 3 million (30 lakh) consumers and help deliver cutting edge product solutions."
Founded in 2015 by Sekhar and Indraneel Chatterjee, RenewBuy currently has about 70,000 point-of-sales person (POSP) agents and has insured more than 3 million customers across 750 cities and towns.