Indian IT major Tech Mahindra and Israeli insurtech Atidot have teamed up to develop artificial intelligence-enabled platform for life insurance firms. The companies, through this collaboration, will look to boost the profitability of insurance companies by providing a unique solution that can predict client behaviour, lapse patterns and boost their cross-sell as and up-sell capabilities. The platform will also enable insurers to suggest clients more suitable products that offer better coverage and also protect their retirement savings. Using the solution, insurance companies can also better evaluate coverage needs and remedy under or over-insured policies, the Indian IT major said in its press statement. The platform will also allow life insurance companies to better capitalise on revenue potential by addressing and correcting underinsured policies to increase premium collection.

Tel Aviv, New Delhi - November 7 th, 2019: 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 predictive, analytics, 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.

This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. Insurtech continues to be an active segment of fintech, with startups emerging in all areas of the industry, including within the life insurance space. One such insurtech, Israeli firm Atidot, is now bolstering its capabilities, announcing the launch of its cloud-based, predictive data analytics platform for incumbent life insurers on Wednesday, according to a press release seen by BI Intelligence. Atidot says its platform can help life insurers better leverage their data to more accurately predict their policyholders' behavior, and adjust their business strategies more effectively.