KFin Technologies, a General Atlantic-backed company, today acquired 17 per cent stake in InsurTech startup, Artivatic.ai. The registrar service company also plans to raise its stake to majority, say company sources.
This partnership will help KFintech venture into the Insurtech space as the firm looks to diversify beyond offering registry services to mutual funds and pensions among other asset classes.
Artivatic.ai will utilise the funding to broaden its product portfolio, explore new business horizons and expand its footprint across India and other global markets with the help of KFin, said a company statement.
Artivatic provides risk-based personalized automated solutions catering to the underwriting, claims, risk & fraud intelligence, embedded distribution, new-age product design, sales intelligence, and more to ease insurance operations benefiting both the insurers and customers.
KFin Technologies has transformed its business model through automation and created an ecosystem of comprehensive automated services catering to the ecosystem partners across all financial asset classes. These services range from investor servicing, distribution network, reporting, compliance and documentation. The synergies from these two firms will help in creating an equally comprehensive and scalable InsurTech business.