Headquartered in Bengaluru, India, Artivatic Data Labs is a young, dynamic company which builds, licenses and sells its proprietary human-brain like AI systems. It is an end-to-end AI infrastructure platform built on deep-tech, machine learning technologies with in-depth analogy of genomic science, psychology and neuroscience. It enables BFSI (Banking, Financial services and Insurance) and Healthcare sector to have in-depth multi source data-focused consumer risk profiling, credit risk scoring, recommendation & personalization, automated underwriting & decisions, health & disease prediction, claims processing, fraud detection, digital data-based risk scoring and document digitization.
Artivatic’s sheer determination has helped it to develop more than twenty tech-based modules ranging from text extraction and sentiment to prediction and automated decision-making.
Meet the Vibrant Leader
Layak Singh is the Founder and CEO of Artivatic Data Labs. His entrepreneurial journey started during his graduation days at IIT Karagpur. Layak has been a serial entrepreneur who founded two product startups earlier. This past experience along with a vision to enable enterprises to integrate with human like decision engine, motivated him to be the cornerstone of Artivatic. He invested all his funds attained from his previous startup in forming the framework of the company by building team, products and even doing sales. Today, Layak’s leadership skills have assisted Artivatic to develop into a thirty member team with more than ten client pilots. He has been the driving force in raising investment and generating more than fifty leads respectively.
About Artivatic
Describing the uniqueness of the company, Layak asserts, “Our Pilots have demonstrated more than 50% of efficiency, 90% reduction in turnaround time, 40% better fraud identification, 70% less cost reduction, more than 60% consumer engagement, more than 40% better risk delinquencies identification and intelligence in near real time.” Over the years, Team, Branding, Access to corporate clients, and Content strategies for inbound lead generation have proved to be the key assets for Artivatic which helped it to climb the success stairways. The company focuses on developing various tools and solutions for industries empowering easy and seamless implementation.
Customer On-boarding – The company gears the digital on-boarding process by digitizing all KYC, financial statements, medical, invoice, ITR, diagnosis, proposal forms, claim forms etc. in real-time with document verification and photo matching. This reduces the customer onboarding process time up to 90%. Also, the process became simpler up to 60% along with cost reduction up to 40%.
360 Consumer Profiling with Internal and External data – This solution develops consumer/product behaviour, interests, financial prediction and more to get in-depth consumer insights for recommendation, personalization and prediction.
Risk and Fraud Detection – Here, patterns are built for future digital data-focused risk and fraud detection based on historical fraud input. Anonymous patterns are developed based on new data, profiling to enable intelligent risk and fraud analysis.
Underwriting – Artivatic uses machine learning (ML) based predictive underwriting to create a smarter rule engine and provide automated underwriting process for financial institutions. It enabled better underwriting by 40% using the current engine.
Automated Decision-Making – Enables enterprises to have capability of automating the loan, insurance policy, credit card or claims amount approval, counter, rejection with little human intervention.
Claims Management – The company offers ML and computer vision based claims intelligence system for insurance businesses to have end-to-end claims management system and reduces turnaround time up to 90%. It also offers real-time claims processing for insurance providers.
OCR (Optical Character Recognition) or ICR (Intelligent Character Recognition) – The company provides documentation-as-a-service for KYC, financial documents, medical documents, diagnosis reports, invoice, proposal, claims, contract and more.
Image Recognition– Artivatic delivers damage detection for vehicle claims, signature matching for automated payment, video-based KYC matching and more.
Text Extraction – Using NLP (Neuro-linguistic programming), the company collects text extraction from structured or un-structured data or documents and assists organizations in securing their data.
Financial Documents Reader – The company offers bank, credit, annual report, financial document reading & analysis using technology for financial assessment, anomaly detection and fraud assessment.
IoT device-based Health Prediction – Artivatic plays a pivotal role in device-based health profiling for disease prediction and corporate health insurance.
Revenue Cycle Management System – The company takes necessary strides for prior authorization, denial prediction and contract modelling for the physician in order to meet evidence-based claims processing and care management.
A Comprehensive Vision
Hiring right talent is the great challenge as finding the talent with right skills is hard to find. Other biggest challenge is getting payment from B2B clients as they take few quarters to make payment which makes difficult for B2B startups like Artivatic to grow extensively. Investors do not invest in lack of revenue is another challenge instead of good sales pipeline is another major challenge. Furthermore, R & D is a challenge because of the lack of funds.
On the other hand, there is enormous amount of data available and hence it gets easier to develop new innovative products and technologies. This is also unlocking enormous doors of opportunities which are creating new category of products and services like never before.
Future Prospects
The future would turn out to be more data-centric, where AI-enabled simple processes would transform the corporate world by catching every wave of the business analytics. By 2025, there will be more than 25 Billion connected devices, autonomous cars, automated virtual assistants, robotic focused warehouse or hazardous work culture, real-time diagnosis and better healthcare, education, transportation and agriculture.
Artivatic soon will launch DIY (Do It Yourself) or SaaS platform with self-decision powering engine. The company will foray in to other insurance sectors like property, agriculture, appliances, retail and corporate with life/health sciences. It plans to expand its territory to SEA, APAC, USA, European countries while setting up sales and support team. Its target is US $5-10M ARR (accounting rate of return) by the next year with an R&D team of more than 100 members. The company takes pride in saying that filing more patents will be its new area of focus in the near future.
Source :-The 10 Most Admired Analytics Companies to Watch in 2018
Artivatic Data Labs: Building Intelligent Systems for Automated Decision-Making
