(Image source: Atidot homepage.)
Atidot, a Tel Aviv-based provider of big data and predictive analytics tools for the life insurance industry has raised $5 million in Series A funding. The round was led by Vertex Ventures (Palo Alto, Calif.) with the participation of existing investors The D.E. Shaw Group (New York), Moneta Seeds (Bnei Beraq, Israel), and Bank Hapoalim (Tel Aviv), according to an announcement from the vendor. Atidot says the funds will be used to scale operations and expand U.S. sales and customer support activities, as well actuarial science, data science, and software engineering teams.
Atidot describes its contribution to the market as harnessing advanced artificial intelligence, machine learning, and predictive analytics to enable life insurers and annuity writers to make data-driven business decisions while enhancing their services to cater to the unique requirements of their customers. Atidot focuses specifically on the life insurance, offering insurers what it calls an easy-to-use SaaS predictive analytics platform. The company aims at exploiting underutilized and typically neglected sources of data, as well as open access information, to enhance existing actuarial and business models.
“Very little of the data possessed by the life insurance industry is being utilized for strategic purposes”, comments Dror Katzav, CEO and co-founder, Atidot. “Current legacy systems do not handle the abundance of data now available, often leaving life insurers in the dark about the nature and behavior of their policyholders. Atidot was founded to enable insurers to become more client-centric. By using existing policyholder data, combined with open sourced information, we build a complete picture of a policyholder and predict their behavior, allowing carriers to offer the best possible service and develop the best business strategy.”
Atidot’s announcement of the Series A finding was accompanied by news that Martin Snow has joined the company as Vice President and Chief Delivery Officer. Snow, who formerly held senior positions at Prudential, TIAA, and MetLife, is a member of the Big Data Task Force of the American Academy of Actuaries and led the development of the industry’s first ULSG, priced with Principle Based Reserves, as well as the conversion of the pricing models to a new platform.
“Life insurers and annuity writers can develop new strategies for their in-force management and new business activities through the insights generated by predictive analytics,” Snow comments. “I am delighted to join the fast-growing team of actuaries, data scientists, developers, and product professionals at Atidot. Together we are building industry-specific predictive analytics tools, providing life insurers with new strategies to meet the opportunities and challenges they are facing.”
Potential to Be Market Leader for Predictive Analytics in Life Insurance
“We believe Atidot has what it takes to become the market leader for predictive analytics for the life insurance industry,” comments Emanuel Timor, General Partner, Vertex Ventures Israel, who is also joining the Atidot Board of Directors. “We were impressed by the company’s achievements, its vision, the depth of its product as well as its customer base. They have built a unique team that combines some of the best data science and big data developers in Israel together with deep actuarial and insurance knowledge.”