Provides a one-of-a-kind platform to increase profitability by predicting customer behavior and lapse patterns
Tech Mahindra has collaborated with Atidot, an Israel based InsurTech that offers predictive,analytics, Artificial Intelligence (AI) and Machine Learning (ML) tools for the life insurance and annuity industry. Through this partnership, Tech Mahindra and Atidot will provide a platform to increase profitability for insurance companies by predicting customer behavior, lapse patterns and improve their cross-selling and up-selling capabilities.
The solution offers insurance holders policies with better coverage and ensures greater retirement savings. It also empowers insurance providers to assess coverage needs and remedy under or over-insured policies on time. For life insurance providers, the solution helps them with better monetization by addressing and correcting underinsured policies to increase premium collection,. This also leads to better customer engagement, and reduces lapse rates.
Atidot’s AI and ML-powered algorithms utilize anonymized data to generate nano-segments of actionable insurance risk behavior. These insights enable providers to generate revenue by identifying policies with potential for upselling or cross-selling. It also helps them improve retention rates, reassign orphan policies, and optimize their books of business by generating real-time visibility of their risk portfolio.
Confirmed Gautam Bhasin, Global Head – Banking, Financial Services and Insurance (BFSI), Tech Mahindra, , “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.”
Concurred Dror Katzav, CEO and Co-Founder, Atidot, , “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”.