Atidot
'Disrupting' the good-old insurance industry

“The Data-Driven Revolution is making its way into the insurance industry, helping them to be ‘disrupted’ without the disruption,” begins Dror Katzav, CEO of Atidot. Specifically, life insurance companies manage some of the biggest pools of money; surprisingly, they still maintain their business using very old technology. Since last few years, it has become increasingly difficult for organizations to optimize their assets without a strong understanding of how people interact with insurance. In today’s world, there is a lot of data out there—both at the insurer’s disposal and externally available. There is a need for the insurance sector to leverage their data to power AI-driven insights to create a better business. “We desired to bring in a change. We realized we wanted to bring our knowledge of building reliable products and solutions that can be easily be operated by the insurance industry to leverage their existing data better and accurately calculate the reserves they need to have on hand,” says Dror.

Atidot is an insurtech company empowering the life insurance industry to become data-driven and optimizing their book of business with big data solutions and predictive analytics. Founded by a team of data scientists and veteran actuaries, they offer a cloud-based platform that provides data-driven insights to help insurance companies make better decisions, drive new business strategies, and create new revenue streams. Moreover, it helps them to take control of their existing data to upgrade their risk modelling and to improve policyholder behaviour prediction to improve sales, retention, and in-force management. They use AI and machine learning to help their customers gain actionable business insights so that companies can retain policyholders and maximize profits.

The Atidot platform makes loading and analysis of all data extremely fast and automatically enriches, normalizes, and cleanses data. It monetizes all of the data, augments it with external data, and builds accurate projections of the company’s in-force book of business.

We are in a constant street fighting mode to understand what may be the beat direction or approach to help as many customers as possible

The platform can create profile groupings of policyholders by analyzing an unlimited number of categories such as their age, occupation, payment method, average salary, and more. This profiling gives the organizations insight into their policyholders, and they then can adjust their strategy accordingly, whether up selling to more receptive clients or client retention efforts. These data can either be uploaded in the house or the cloud. The Atidot’s holistic approach helps insurance experts to manage their capital better; organizations can get better re-insurance prices and can better navigate their business decision smartly. Using big data and predictive analysis Atidot’s platform can micro-segment customers by their identifiable footprint, helping to improve service to underinsured customers, assist in lapse prevention as well as creates new risk analysis models that utilize the abundance of that the insurance company have.

“We are in a constant street fighting mode to understand what may be the best direction or approach to help as many customers as possible,” says Dror. With their end-to-end approach, they analyzed about 1.5 policies for a South African life insurance company called Platinum Life and were able to predict policies that were to lapse about 50 percent more than existing models. Platinum life was able to optimize the way they handle lapse prevention and lead them self to a 30-35 percent increase in premium collection. For another insurance company, Atidot was able to find which policy-owners were potentially under-insured and reached out to them through independent financial advisors who were part of the company’s network. They discovered under-insured areas that were over $1 billion in missed opportunities, thereby increasing the conversion rates of financial advisors by over 150%.

Atidot will continue to take targeted approaches and evolve themselves to the application of new and emerging technologies like artificial intelligence to the insurance value chain to provide the insurance industry with clear return-on-investment metrics. “We have to adapt ourselves all the time,” Dror explains, “but we’ve built the organization in such a way that we can support those changes, answer our client’s needs and at the same time be agile.”