Bengaluru-based insurtech start-up Artivatic has launched ‘AUSIS’, an underwriting platform for better risk and fraud analysis. AUSIS is an AI-based underwriting platform with personalized pricing, risk, and decisions.
It helps to process and digitize medical records, KYC, and application forms to verify, and build personalized profiles in combination with historical data and business rules of the product. This platform enables in-depth individual health-risk analysis and suggests the underwriting decision in less than 60 seconds.
‘Underwriting’ generally means the process through which an individual or institution takes on financial risk for a fee. AUSIS makes this process smarter for insurance companies through AI as it checks a customer’s eligibility based on his/her financials, locations, risk, company, past data, people, fraud, and government data.
“It develops a profile of risk and evaluates whether a particular individual will be able to pay a premium. It also checks and ensures whether a customer has any kind of risk, or fraud associated with him to help insurance companies avoid any kind of loss,” Layak Singh, co-founder, Artivatic, said.
Medical or health insurance has seen a big change recently in the wake of COVID-19 pandemic and the advent of technology has changed the market.
Before pandemic, health insurance had only 6-10% penetration, but now people are coming for their protection, their family’s protection, business protection and for that reason, the growth has been changed in the industry. Currently, the penetration for health insurance has increased to 20% in India.