Israeli data analytics company Atidot has raised $5 million led by Vertex Ventures with The DE Shaw Group, Moneta Seeds, and Bank Hapoalim participating in the Series A round.
Atidot develops predictive analytics specifically for the life insurance sector, an industry worth roughly $597 billion in the US. The new influx of cash will be used for continued expansion in the US and bolstering its data science and engineering staff.
Legacy systems in the life insurance sector are ill-equipped to handle the large amounts of data being generated, said Dror Katzav, CEO.
“Atidot was founded to enable insurers to become more client-centric,” he added. “By using existing policyholder data, combined with open sourced information, we build a complete picture of a policyholder and predict their behaviour, allowing carriers to offer the best possible service and develop the best business strategy.”
Further to the investment, the company has appointed former insurance executive Martin Snow (Prudential, MetLife) as its new vice president and chief delivery officer.
“Life insurers and annuity writers can develop new strategies for their in-force management and new business activities through the insights generated by predictive analytics,” commented Snow on his appointment.
“Together we are building industry-specific predictive analytics tools, providing life insurers with new strategies to meet the opportunities and challenges they are facing.”
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