First of all, how are you and your family doing in these COVID-19 times?
Layak Singh: Hi, Thank you for asking. We are all doing well during COVID-19, and I hope you too.
Tell us about you, your career, how you founded Artivatic Data Labs.
Layak Singh: I am an IIT Kharagpur Graduate and was born and brought up in Agra, India. I founded 2 startups after my graduation in 2011 since I did not go for a corporate job like all my colleagues. The inspiration for starting Artivatic was through my last startup, where I worked on building consumer intelligence to understand human behavior. When I wanted to buy insurance for my employees during the past startup, I noted inefficiencies; there was no choice for buying need-based insurance, complexities in the entire journey/process, bad experience, and high cost. To solve the problem, make it simple, personalized, risk-based, and in quick time, Artivatic built a SaaS platform that is a 360 full-stack Insurtech & health platform that takes care of the entire insurance journey.
How does Artivatic Data Labs innovate?
Layak Singh: Artivatic.ai is a full-stack Insurtech & health tech platform. Artivatic empowers life insurance, health insurance, general insurance, healthcare, distribution & re-insurance businesses & developers to re-imagine insurance products for the next billion users. Artivatic builds low-cost, modular API infrastructure & distribution platforms so that insurance businesses can go live in a matter of days, not months.
Artivatic pioneers in the new age digital innovations in insurance (Life & Health) with 200+ modular API infrastructure and Integrated core products like customer buying journey, alternative underwriting, automated underwriting decision, customer 360 profiling, health assessment, environmental & alternative data analysis, risk & fraud, claims automation & management, voice/speech based tele MER/PIVC, documents processing (handwritten, pdf, scanned for medical, financial, others), Quote Management, new product creation (byte-sized, stackable), distribution & servicing platforms and other solutions that artivatic has built over a period of time.
How the coronavirus pandemic affects your business, and how are you coping?
Layak Singh: Covid-19 has impacted Artivatic in positive ways:
- Pandemic has allowed Artivatic to provide/innovative digital solutions effectively
- Pandemic has created more demand in the sector as everyone needs financial protection
- Legacy businesses needed to have a digital transformation to survive, and hence the pandemic has appeared as a boom.
Did you have to make difficult choices, and what are the lessons learned?
Layak Singh: In doing a startup or building something, it is always a challenge, and one has to make difficult choices. Artivatic has also made some difficult choices such as reducing its staff due to the pandemic, narrowing down to geographical expansion for a short time, focusing on healthcare with insurance, and being frugal.
How do you deal with stress and anxiety?
Layak Singh: For me personally, yes, as while you work in a startup or build something, you go under lots of stress and anxiety due to various problems you face on a daily basis. I always focus on solving the problem with a calm mind and also learn to focus on important aspects that impact me a lot. I have learnt from so many failures that I do not worry about the problems but try to learn to solve them, do some yoga/meditation, and think about why we started this goal?
Who are your competitors? And how do you plan to stay in the game?
Layak Singh: There are some competitors but not direct competitors to Artivatic. Artivatic is always focusing on building next-gen solutions that are driven by on-ground experience, learning, and root problems. We always keep innovative and building solutions that are not even thought of. We work and think for the next 10 years rather than just for the next 3 years. Build fast, expand fast, fail fast, and win fast.
Your final thoughts?
Layak Singh: I have been an entrepreneur throughout my life. I love building things, breaking them, innovating, and growing. I always believe in a future where entrepreneurs will define the fate of the economy, technology, society, and growth. I have faced many failures in the past, but don’t fear them. I do learn and keep improving myself and keep moving.