Israeli big data and predictive analytics tool developer for the life insurance industry Atidot today announced that it has raised $5 million in Series A financing round led by Vertex Ventures with the participation of existing investors The D.E. Shaw Group, Moneta Seeds, and Bank Hapoalim (TASE: POLI). The funds will be used to enlarge operations and expand US sales and customer support activities, as well actuarial science, data science, and software engineering teams.
The Israel-based startup has developed 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 industry (valued at $597 billion in the US alone), offering insurers an easy to use 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.
Based in Ramat Gan, the company was founded by CEO Dror Katzav, CTO Barak Bercovitz, and VP product and actuary Assaf Mizan.
Katzav said, "Very little of the data possessed by the life insurance industry is being utilized for strategic purposes. 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."
Martin Snow has joined the company as VP and Chief Delivery Officer. A former executive at Prudential, TIAA, and MetLife, Snow 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.
Published by Globes [online], Israel business news - www.globes-online.com - on March 28, 2018
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