Apr 29, 2021

American Family Insurance spin-out Arturo innovates proptech

Insurtech
AI
proptech
propertyinsurance
William Girling
2 min
Arturo, an insurtech spin-out of American Family Insurance, has raised US$25m to develop its innovative, AI-based proptech platform
Arturo, an insurtech spin-out of American Family Insurance, has raised US$25m to develop its innovative, AI-based proptech platform...

The Series B round was led by Atlantic Bridge Capital and included participation from RPS Ventures, Crosslink Capital, and IAG Firemark Ventures.

Arturo’s solution utilises artificial intelligence (AI) and predictive analytics to gather property insights from aerial photographs, including those taken from satellites, drones, and atmospheric balloons. 

The ‘Arturo difference’ or value proposition is based around accuracy, speed, and cost-efficiency. Inspections can be carried out in as little as five seconds and the frequency required for quality is significantly reduced. Other key differentiators include:

  • Multi-source imagery
  • Constantly refreshed and updated information
  • On-demand property analytics
  • Deep learning data models

Bolstering insurance with tech

Using its newly acquired capital, Arturo plans to expand and develop its technology portfolio, establish new partnerships in the European and APAC markets, and grow its client base.

The company’s distinctly digital approach to property insurance matches the general industry’s aspiration to move away from legacy work methods. As such, it has recently found favour among the top five P&C providers in the US and Australian markets. For Sunir Kapoor, Operating Partner at Atlantic Bridge, Arturo’s recent growth is encouraging:

“Over the past twelve months, Arturo increased its revenue by more than 300%, which speaks directly to the tangible value it offers to leading insurers.

“With the success that JC [John-Isaac Clark, CEO of Arturo] and his team have had onboarding several new clients fully remotely over the past year, we’re confident in Arturo’s continued expansion in bringing AI to the insurance industry and beyond.”

AI continues to gain traction

There has been a noticeable uptick in the adoption of automation tech within insurance, most recently at Zurich.

The consensus among insurers is that traditional insurance risks falling into obsolescence as tech companies and ecosystems meet customer needs with cheaper and more customer-centric solutions.

Arturo’s highly innovative approach to property insurance is placing it firmly at the vanguard of the industry’s new paradigm, and Clark is adamant that it should remain so.

“Arturo’s vision is to revolutionise the way businesses interact with properties by providing greater transparency into a building’s physical make-up, and we believe we’re only scratching the surface in terms of the level of value we can bring to our customers,” he said.

Share article

Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

Share article