Gurgaon-based online insurance providing company RenewBuy announces that it plans to acquire artificial intelligence-powered fintech startup Artivatic.ai.
The new acquisition will considerably help RenewBuy to expand its capabilities and provide a better experience to its customers in multiple areas, including claim settlements, risk assessments, and many others.
According to company officials, the acquisition deal was completed through a combination of cash and share-swap in which Artivatic.ai was valued at $10 million.
Artivatic.ai’s solutions for insurance, IP, and product portfolio will be accessible to RenewBuy to strengthen technological abilities and features, increasing the platform’s versatility and effectiveness.
CEO of RenewBuy, Balachander Sekhar, said, “This acquisition has created a platform where our agents could do business anywhere, anytime, making the physical branch redundant.” He further added that with the combined tech capabilities, they hope to create more and more tech-led solutions for insurance customers.
Bangalore-based artificial intelligence solutions providing startup Artivatic.ai was founded by Layak Singh in January 2018. The firm specializes in providing solutions for complex problems in the Insurance sector for on-boarding, fraud, risk detecting, underwriting, and claims.
An advantage of Artivatic.ai’s platform is that it comes with out-of-the-box support for multiple third-party integrations, including Azure, Hubspot, Salesforce, Google Cloud, Facebook, and more.
To date, the company has received funding of nearly $1.8 million from investors like SenseAI Ventures, KFintech, Scale Ventures, Indian Angel Network, and others over six funding rounds.
“We are looking at a massive business scale up from this acquisition. Partnering with RenewBuy will overnight give us the exposure of reaching out to three million consumers and help deliver cutting-edge product solutions,” said founder and CEO of Artivatic.ai, Kayak Singh.