Indian insurtech RenewBuy has acquired fintech firm Artivatic.AI to scale its business and technology solutions, Economic Times has reported.

The acquired firm is valued at $10m and RenewBuy paid for the acquisition through a combination of cash and share-swap.

The deal is aimed at enhancing RenewBuy’s capabilities across insurance claim settlement, underwriting and risk assessment, RenewBuy CEO Balachander Sekhar told the publication.

RenewBuy will take control of Artivatic.AI’s SaaS solutions for insurance, IP and product portfolio.

Sekhar said: “We look forward to delivering more and more tech-led solutions for insurance consumers, with the combined tech capabilities. This acquisition has created a platform where our agents could do business anywhere, anytime, making the physical branch redundant.”

Founded in 2018, Artivatic.AI leverages artificial intelligence (AI) and machine learning (ML) to cater to finance, insurance and healthcare businesses.

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Artivatic.AI CEO Layak Singh told the publication that Artivatic.AI provides underwriting and claims solutions to several leading life and non-life insurance companies.

Singh said: “We are looking at a massive business scale up from this acquisition. Partnering with RenewBuy will overnight give us the exposure of reaching out to three million consumers and help deliver cutting edge product solutions.”

Notably, Artivatic.AI claims to have more than 400 plus APIs and over half a dozen patents, which have been developed in partnership with other insurers.

Balachander Sekhar and Indraneel Chatterjee founded RenewBuy in 2015. It provides third party motor, health, and life insurance cover to India’s semi-urban and rural customers.