Tech Mahindra has recently stated their collaboration with Atidot, which is an Israel based InsurTech. This firm is one that offers predictive, analytics and Artificial Intelligence (AI) and Machine Learning (ML) tools for all major life insurance and annuity companies. This partnership is a very beneficial one as it will be useful for making predictions about customer behavior, lapse patterns and in turn improve their cross sells along with up- sell capabilities. This way Tech Mahindra and Atidot will join hands for the greater good of the insurance and annuity companies.
The official statements
Global Head – Banking, Financial Services and Insurance (BFSI), Tech Mahindra, Gautam Bhasin, said: “Today, insurance companies are keen to leverage the vast data across the insurance enterprise, to understand their customers better in terms of their needs and preferences to be able to offer personalized products and services, in addition to improving business process efficiency. Big data and analytics play a key role in achieving this objective. Tech Mahindra’s collaboration with Atidot will help deliver innovative, cutting edge solutions to the global insurance industry in big data & analytics, powered by insurance specific artificial intelligence and machine language capabilities”.
CEO and Co-Founder, Atidot, Dror Katzav, said: “Insurance companies are in the midst of a revolution, with the value of data surpassing that of gold and oil. Insurance companies that want to stay relevant must become digitally savvy and embrace data-driven solutions. But it is not an easy process. The first step to becoming data-driven is to start generating actionable insights, and only then to start reshaping business processes to efficiently monetize the insights in hand with the appropriate designed IT infrastructure, all while keeping in line with the stringent privacy and data security requirements in the insurance industry”.
The importance of “joining hands”
Tech Mahindra, a global commander that aces the game at providing IT solutions, digital technologies, BPO and business related consultancy services declared publicly that it has come together to join hands with the Abu Dhabi Department of Urban Planning and Municipalities (DPM). This liaison is where Tech Mahindra will provide blockchain solution for land registry by putting to use the SmartHub Application.
In a company release, the solution which has will come forth with this Tech Mahindra and Atidot collaboration will also permit insurance providers to estimate coverage related wants as remedy under or over insured policies in a well structured, responsible and timely manner.
Also published on Medium.