Indian IT major Tech Mahindra and Israeli insurtech Atidot have teamed up to develop artificial intelligence-enabled platform for life insurance firms.

The companies, through this collaboration, will look to boost the profitability of insurance companies by providing a unique solution that can predict client behaviour, lapse patterns and boost their cross-sell as and up-sell capabilities.

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The platform will also enable insurers to suggest clients more suitable products that offer better coverage and also protect their retirement savings.

Using the solution, insurance companies can also better evaluate coverage needs and remedy under or over-insured policies, the Indian IT major said in its press statement.

The platform will also allow life insurance companies to better capitalise on revenue potential by addressing and correcting underinsured policies to increase premium collection.

The proposed offering will also enable insurers to establish better customer engagement, and reduce lapse rates.

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Tech Mahindra global head of Banking, Financial Services and Insurance (BFSI) Gautam Bhasin said: “Tech Mahindra’s collaboration with Atidot will help deliver innovative, cutting edge solutions to the global insurance industry in big data & analytics, powered by insurance specific artificial intelligence and machine language capabilities.”

Atidot CEO and co-founder Dror Katzav said: “Tech Mahindra is a leading provider for digital transformation and change management, and by combining Tech Mahindra’s positioning and capabilities with Atidot’s Artificial Intelligence will be pivotal for insurance providers and the industry”.

Powered AI and ML, Atidot’s algorithms leverage anonymised data to generate nano-segments of actionable insurance risk behaviour based on modelling the interaction between the client and the policy.