Atidot, a leader in big data, AI, and predictive analytics tools for life insurance and annuity providers, recently announced the opening of its first U.S. office in San Jose, Calif. The new office will serve the company’s U.S.-based clients and enable Atidot to continue its rapid growth in North America.
Coming on the heels of successful pilot projects with two top-10 insurance providers in the U.S. and the closing of a $5 million Series A funding round, Atidot’s recently appointed Vice President and Chief Delivery Officer, Martin Snow, will oversee U.S. operations.
“Opening a U.S. office is the next natural step for Atidot. We are already working with a number of highly regarded U.S. insurance providers, and are beginning to work with several others, so a regional office is crucial,” Snow said. “Our presence will enable us to offer advanced actuarial tools to more companies, empowering them to make more informed strategic decisions based on data proven insights.”
The Israel-based startup harnesses 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’s solutions are helping providers identify new potential opportunities to increase personalization of the customer policies and increase revenue,” said Atidot CEO and Co-Founder Dror Katzav. “High rates of underinsurance, for example, account for hundreds of millions of dollars in lost revenue potential, and with Atidot providers are able to identify these opportunities and remedy them, a benefit for both the provider and the policyholder.”
Atidot focuses specifically on the life insurance industry (valued at $597 billion in the US alone), offering insurers a SaaS predictive analytics platform. The company utilizes underused and often 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,” Katzav said. “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.”
About Atidot: Atidot is an insurtech company empowering the life insurance industry with big data and predictive analytics. Atidot’s cloud-based platform provides life insurers with data-driven insights to inform decision-making and develop new business strategies. Founded by a team of data scientists and actuaries, including the former Chief Actuary at the Israel Ministry of Finance, Atidot is working with leading insurance providers to allow them to take control of their existing data to improve policyholder retention, sales, and in-force management thereby increasing revenues. For more information, visit www.atidot.com.