Aureus Analytics: A Mumbai-based startup demystifying Big Data for banks and insurers

Today, everything is driven by data and it almost rules the world we live in. There has been a shift in the pattern of the way data is being consumed which places a high emphasis on getting analytic solutions crafted for specific needs. The same framework which was used for analytics in airlines was used for insurance as well. Consequently, the solution would not deliver the expected results and the technology would be blamed for lack of application, accuracy or scalability. This lack of a context to solve the problem of analytics was leading to major gaps in what the products could do and the customers’ expectations," Ketan Pandit, Director, Marketing and Brand tells us.

Aureus works with some of the biggest names in the Insurance and Banking space including AXIS Bank, HDFC Bank, Bharti AXA, Aegon Life, SBI Life and DPLI. Currently a team 20, Aureus was founded by Anurag Shah and Ashish Tanna, who've known each other for over two decades, along with Nitin Purohit.

The Mumbai-based startup currently has operations in India and is looking at entering into the North American by leveraging strategic partnerships. Unlike other similar offerings, Aureus claims to offer problem specific solutions instead 'one size fits all'. It also claims to combat the high lag time that comes with most Big Data analytics by delivering products as and when required.

The startup has been also shortlisted by Microsoft Accelerator for the summer 2016 cohort, a six week scale up program.

"Our products deliver the insights directly to the business users making it available as and when they need it. Our algorithms aren’t one size fits all, but built after extensive research and designed to deliver high impact for specific business needs," explains Pandit.

Its flagship products include OnASAP, a platform that makes it easy to deploy analytics. Then there's Aupera that predicts which customers are likely to lapse. Customer 360 enables single view including Household analytics and Unique Customer Id. Pulse is a net promoter score analytics product that develops insights depending upon customer feedback. It has three modes of generating revenue – companies have to subscribe for the product, and there is additional fee for further integration with the company product or for added customisations respectively.

It has received funding for the angel and pre-series A round from some of the known figures such as Rajan Anandan, Arihant Patni, Mickey Doshi and Steven Sule.

Published Date: Mar 18, 2016 10:01 am | Updated Date: Mar 18, 2016 10:01 am