Vertex Ventures Israel has led a $5-million Series A funding round in Israeli startup Atidot, an insurtech firm that provides big data and predictive analytics tools for the life insurance industry.
Founded by a team of data scientists and actuaries, Atidot helps insurance providers use their existing data to improve policyholder retention, sales, and in-force management, it said in a statement.
“Very little of the data possessed by the life insurance industry is being utilized for strategic purposes. Current legacy systems do not handle the abundance of data now available, often leaving life insurers in the dark about the nature and behavior of their policyholders,” said Atidot co-founder and CEO Dror Katzav.
The fresh funds will be used to scale Atidot’s operations and expand US sales and customer support activities and augment its actuarial science, data science, and software engineering teams.
Existing investors The D.E. Shaw Group, Moneta Seeds, and Bank Hapoalim also joined the funding round.
With the closing of its Series A round, Atidot also announced the appointment of Martin Snow, a former executive at global insurers Prudential, TIAA, and 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,” Snow said.
Early this month, Vertex Ventures Israel, the lead investor in Atidot’s latest funding round, also co-led a $5-million seed round in Israeli startup Nucleai Ltd. Nucleai uses artificial intelligence and machine learning algorithms to detect cancer and other diseases.