Insurance is a complicated business. Retention is difficult to achieve—globally, insurers lose 18 to 20 percent of their customers annually. Cross-selling and upselling are also difficult, with most insurers using a one-size-fits-all approach. Processing claims involves a multi-step process that has a critical impact on the business, and fraud costs the industry tens of billions of dollars each year. Aureus Analytics is solving these critical industry challenges. The Hartford-based customer intelligence and experience company uses predictive analytics and machine learning to deliver insights at key decision points that help insurance carriers, brokers and MGAs improve their customers’ experience, which increases retention and customer lifetime value. Aureus can also help identify insurance fraud in real time or near–real time to reduce fraud losses.
- $900,000 equity investment, which enabled the company to leverage an additional $2.4 million
- Led Series A financing round
- Extended $250,000 in loans
- Made customer and potential customer introductions
- Made introductions to patent attorneys and other legal counsel
At the end of 2019, Aureus Analytics announced a partnership with DXC Technology after Aureus was named the winner of the DXC Invitational Americas 2019 Program in the “Enriching the Insurance Experience” category. In April, Aureus Analytics launched a new product, DONNA, an artificial intelligence and data analytics platform for independent insurance agencies. Since the announcement of this new product, the company signed three new customers (Paradiso Insurance, Insuritas and Telamon) and has several trials under way. Aureus Analytics has 45 full-time employees and recently announced new partnerships with HawkSoft, Precisely, Rocket Referrals and The Kotter Group.