 "Big data startup Aureus Analytics developing new products for banks, insurance firms")
To win the $28.5 millionbig data and analytics race, Singapore-based Aureus Analytics is developing new products such as ‘Fraud Analytics’ and ‘Distribution Analytics’.
“There is a huge amount of data available with enterprises-internally as well as externally. This leads to a severe challenge in being able to process them from varied data sources to be able to get the relevant business insights,” Anurag Shah, CEO and Co-Founder, Aureus, said.
Aureus’ products enable analytics at the point of decision which are specifically designed for specific industry problems. Shah claimed, “This sets us apart from most other players who either provide technology-only solutions or offer post facto analytics services. Our built-in predictive algorithms analytical models are the secret sauce.”
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The company, which is justa year old, analyses customer behaviour and provides analytics based on it to the insurance and banking sector. Shah claimed the global market opportunity in the insurance industry alone is approximately $9 to $10 billion. One of the key use cases that Aureus is working on right now is to find out which insurance customer is most likely to lapse on its insurance premium.
The company has three insurance companies signed up till now: Bharti AXA Life, Aegon Religare Life Insurance and General Insurance Council. “We also have a large Indian bank signed up with us, but we can’t share details as of now. We have more than half a dozen proof of concepts going on,” he added.
Shah recently raised $850,000 (approximately Rs 5 crore) in the first round of funding from a bunch of investors through Lets Venture, an online initiative that connects entrepreneurs and investors. With a team size of 18 people, although the company is headquartered in Singapore, the product development as well as R&D happens in their Mumbai office. It developed its analytics product ASAP-Aureus Statistal and Anaytical Platform, which can extract and analyse any kind of data all by itself.
“We are building our direct customer base in India and building a strong partner ecosystem for addressing international geographies. This allows us to keep our business development costs to the minimum and also leverage on our partner’s knowledge and relationships,” said Shah.