(Image credit: Pertinax.)
Aureus Analytics (Mumbai and Westford, Mass.) was one of 31 Insurtech startups to emerge from Plug and Play Tech Center’s (Sunnyvale, Calif.) latest cohort, a group of 175 companies across 6 verticals put through a 12-week business development program. Aureus, whose advanced analytics platform uses predictive analytics and machine learning technologies to deliver actionable insights at the point of decision for insurers and banks, aims to break into the North American market. The vendor’s insurance customer base currently includes Landmark Insurance Broker, Aegon Life, SBI Life, Bharti AXA, Tata AIA, and IndiaFirst Life Insurance.
“This is not only a remarkable opportunity for Aureus to leapfrog into the global league of leading Insurtech companies, but also a great validation of the need for such products in the North American insurance industry,”comments Anurag Shah, CEO and Co-Founder of Aureus Analytics. “Insurance carriers across the world are challenged with improving their customer retention, engagement and overall experience.”
“Our selection in this cohort validates our approach of building problem specific analytics products for insurers that address these challenges,” Shah continues.“These 12 weeks helped us in engaging with global Insurance thought leaders, which will significantly influence the future roadmap of our product development. We already have a slew of customer meetings lined up, and we have our work cut out for us.”
Aureus describes its opportunity as offering a traditionally very conservative insurance industry a way of addressing the challenges of increased customer churn and reduced life time value (LTV). “According to InsuranceFraud.org, fraud steals about $80 billion a year across all lines of insurance. On the other hand, insurers lose about 18-20 percent of their customers to churn,” an Aureus statement says. “These double-barrelled challenges are making insurers leverage new technologies as soon as possible.”
Data-Driven Improvement of UX
“Aureus Analytics provides context to the insurance companies about their relations with their customers, and allows for more data driven ways of improving UX,” comments Ali Safavi, Director of Plug and Play Insurtech. “We are honored to have them apart of our second Insurtech batch. The program culminates on June 6, 2017 which is the demo day for startups of the selected cohort to demonstrate their progress and future plans to a select audience.”