Page 22 - Insurance Times February 2022

the insurance titans of China. The company being the only which is a software that matches each drivers profile and risk
one to have an internet insurance license has till now levels thereby, proving with the most apt cover.
underwritten over 630 million insurance policies and 150
million client's services in the first year itself. "When it comes to making your life easier, we
make no compromises"
ZhongAn's idea behind the online platform is based on
- Insurify
reshaping the traditional way of doing insurance business by
the application of internet thinking from product design to
claim servicing. The model believes in lowering the operating D. Atidot
and distributing costs and inculcating big data and analytics Atidot is an Israeli start-up company providing a predictive
to ensure accurate product pricing and risk control analytics platform by using AI, machine learning & big data
methodologies making the digital arena more attractive and and in turn help the insurance companies to get a deeper
convenient. insight to their data and so that they make meaning out of it.
It empowers the life insurance company to become data
Commenting on the launch of ZhongAn, Peter Tod (President driven and carry out the optimization using the technology.
of Insurance Institute of South Africa) says: "These are not The idea of Atidot was perceived by their founders with the
traditional insurance players, yet they obviously see an main idea of applying analytical skills to an industry which
opportunity in insurance. This is significant, considering the lagged in data analytics. And what better than insurance
distribution challenge in China, where a population of 1.5 sector would have filled this criterion!
billion is spread out across a wide geography. Digital
technology would be a good solution to overcome this They finally saw huge scope that was untouched in the life
challenge if they can get it right." insurance sector. Up to 40-50% of the life insurance policies
were non profitable and about 80% data was idle and not
The company today boasts of more than 400 million customers been put to strategical uses. All such factors motivated the
with over 10 billion policies. In 2016, the company came into founders to create something path breaking in this field.
partnership with Ethereum to establish Zhong An Technology Therefore, they launched Atidot, the first technology
in order to carry out research in AI, blockchain and cloud company that was made to deal directly with the life
computing. insurance data.

C. Insurify The tons of data collected is filtered and within seconds
machine learning is used to generate insights from the data.
Headquarters: Cambridge, Massachusetts, US
The company has also partnered with some of the key
Founded: 2013 technology leaders in the industry namely: Microsoft,
Key Person: Snejina Zacharia iPipeline, Sureify, TechMahindra etc. in order to create an
impact. The main agenda of this company is to help insurance
Insurify has been innovative enough in deploying a smart and companies maximise their profits with the help of solutions
24 x 7 available virtual agent named Evia. The application is provided by them, and in turn enabling the insurers to
instant in verifying customer data in order to compare and understand the customers and anticipating their changing
provide the best results possible. The quotes are derived from needs.
various zip codes and provides recommendations on
coverages based on that. The main motto is to provide the "Our plan is to continue to empower insurers with
user with the most relevant options in accordance with the constant analysis of data on policyholders to
user profile. Insurify is deemed to be an internet company create new opportunities for client
that specialises mainly in car insurance. The application has
communications, to either offer a new service or
been successful is using AI, language processing, and chatbots
adjust a policy, thereby increasing policyholder
to deliver desired and most relevant insurance policy for the
satisfaction and retention."
customers. Amongst the various technological adaptations,
the company has been credited for inventing the Rate Rank, - Atidot

22 The Insurance Times, February 2022