Artivatic.ai

Artivatic.ai operates as an enterprise technology platform focused on the insurance and healthcare sectors, providing AI-driven solutions to automate and streamline processes. Founded in 2017 by Layak Singh and Puneet Tandon in Bengaluru, India, the company was established to address the inefficiencies of legacy systems in the insurance industry. The founding idea emerged from the duo's previous startup, COGXIO, where they identified a significant gap in the market for simplified, technology-driven insurance processes. Layak Singh, a serial entrepreneur and IIT Kharagpur graduate, brought his experience from ventures in education and lifestyle, as well as roles at DRDO and IOCL, to lead Artivatic's mission. Puneet Tandon, with over 18 years of experience in product and program management, complemented this with his expertise in strategy and operations.

The company's business model is centered on providing a comprehensive suite of Software-as-a-Service (SaaS) products and over 700 cloud-based APIs to a diverse client base that includes insurance carriers, brokers, Third-Party Administrators (TPAs), and healthcare providers. Artivatic's revenue is generated through these product-based solutions which are designed to manage the entire insurance lifecycle, from customer onboarding and underwriting to claims processing and fraud detection. A significant milestone in the company's history was its acquisition by digital insurance marketplace RenewBuy in February 2022 for approximately $10 million. This acquisition was intended to combine Artivatic's deep tech capabilities with RenewBuy's extensive distribution network, which serves over 3 million customers.

Artivatic's product portfolio is extensive, featuring platforms like AUSIS for smart underwriting, ALFRED for AI-based health claims adjudication, and MiO for sales and marketing automation. Other key offerings include ASPIRE Health for employee benefits, ProdX for insurance product design, and INFRD, a cloud API suite for developers. These tools leverage proprietary algorithms, machine learning, and deep learning to deliver enhanced data analytics, risk assessment, and decision-making capabilities. By replacing manual, paper-based workflows, the platform enables clients to achieve greater operational efficiency, faster processing times, and improved fraud detection, ultimately aiming to make insurance more personalized and accessible.

Keywords: insurtech, healthcare technology, AI underwriting, claims automation, risk management, SaaS, insurance APIs, digital insurance, fraud detection, Layak Singh, Puneet Tandon, RenewBuy, life insurance solutions, health insurance technology, customer onboarding, data analytics, machine learning, policy administration, TPA solutions, insurance process automation