Atidot provides AI, predictive analytics solutions for life insurance and annuities companies. their cloud base platform enables carriers to gain an in-depth understanding of their policyholder, predict their behavior and provide them with the right product at the right time throughout their life journey. These solutions can generate up to 4X in premium potential and drive growth from new existing customers by 4X.
The key figures in the company are Dror Katzav – Founder and CEO, Eyal Bar Noy – Vice President of Engineering, Sherry Chan – Chief Strategy Officer and Theresa Luty – VP of Sales.
What is the problem in the insurance sector that you are trying to solve?
Insurers rely on their agents to engage and communicate with their customers; however, those agents are not always focused on meeting their financial needs or retaining them as customers. This has become a significant problem post covid with soring lapse rates and a growing retention problem. Atidot’s platform can pinpoint potential lapsers and provide insights on upsell and cross-sell opportunities on a policyholder level as well as on a book of business.
What is your business model?
Atidot’s platform is a SaaS platform with a subscription fee model and a services package for services provided. Together we offer an end-to-end solution to insurers globally.
What are the values for insurance companies/brokers?
generate up to 4X additional premiums from existing customers with just one click. With Atidot’s platform predicting 70% of potential lapsers, carriers can increase retention dramatically. They can also generate new upsell and cross-sell that will immediately impact their growth. Atidot provides data-driven insights and policyholder behavior predictions that enable a fully personalized and engaged journey, creating a great customer experience and taking carriers to a new level of service and commitment.
How can you benefit with the insureds?
Policyholders have learned to expect a highly personalized offering from their service provider. Life insurance is a service just like any other. If a customer issued a policy in his early 30s, they expect their insurers to reach out to them and offer them a different product in their 40s. In today’s market, that need is only met when a capable agent has a lifelong carrier as a captive agent of the insurer. However, in reality, the industry suffers from an annual 30% churn of agents that drop their profession after five years, leaving behind what is known as ‘Orphaned Policies. Serviced policies are 2X more profitable for the insurers than unserviced policies that currently have no remedy.
What investments were made in the company so far?
Atidot is a privately held company founded in 2016 and has raised $20M from private equity companies to date. These companies include SixThirty, Vertex Ventures Moneta VC, D.E Shaw & Co., Hudson xxx
What deals have you signed so far?
Atidot is working with tier 1 customers in the US and EU such as
Guardian Life, Pacific Life, Guardian Group, and others.
