Tech Mahindra And Israel-Based Startup Atidot Collaborate To Offer Artificial Intelligence Enabled Solution For Life Insurance Companies - GADGETS INNOVATIONS


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Tech Mahindra And Israel-Based Startup Atidot Collaborate To Offer Artificial Intelligence Enabled Solution For Life Insurance Companies

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Provide a one-of-a-kind platform to increase profitability by predicting customer behavior and lapse patterns

Tech Mahindra Ltd., a leading provider of digital transformation, consulting and business re-engineering services and solutions, announced today its collaboration with Atidot, an Israel based InsurTech  that offers predictiveanalytics, Artificial Intelligence (AI) and Machine Learning (ML) tools for the life insurance and annuity companies. 

Through this partnership, Tech Mahindra and Atidot will provide a one-of-a-kind platform to increase profitability for insurance companies by predicting customer behavior, lapse patterns and improve their cross-sell as well as up-sell capabilities.

The solution brings new benefits to life insurance policyholders by offering them policies that are more appropriate, have better coverage as well as protect retirement savings. The solution will also empower insurance providers to assess coverage needs and remedy under or over-insured policies in a timely and responsible manner

For life insurance providers, the solution will help them effectively capitalize on revenue potential - be it addressing and correcting underinsured policies to increase premium collection, leading better customer engagement, and reducing lapse rates thereby maximizing the number of profitable policies for the provider.  

Atidot’s AI and ML-powered algorithms utilize anonymized data to generate nano-segments of actionable insurance risk behavior based on modeling the interaction between the customer and the policy. These insights enable providers to generate top-line revenue by identifying policies with potential for upsell or cross-sell, improve retention rates, reassign orphan policies, and to optimize their books of business by generating real-time visibility of their risk portfolio. 

Real-time visibility into risk portfolios enables executives to get a better understanding of current lapse rates and surrenders, empowers them to reconfigure pricing and product bundling, and to objectively and scientifically determine the accurate reserves and capital requirements for the company.

Tech Mahindra offers innovative solutions catering to every aspect of the life insurance value chain. Apart from offerings targeted towards legacy modernization, the solution portfolio covers areas like claims, policy servicing, new business and underwriting, closed book accounting among others. 

As part of its TechMNxt charter, Tech Mahindra is focused on leveraging cutting edge technologies to deliver enhanced customer experience.

Tel Aviv, New Delhi - November 7th, 2019

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