Technology startups specializing in machine learning and artificial intelligence (AI) have begun to solve problems in many sectors in a very short period. Thanks to big data, the process of AI and machine learning is getting shorter due to the increase in data owned by institutions.
In fact, many institutions from almost every sector are investing in experts and solutions linked to machine learning and artificial intelligence. Cooperating with startups instead of solving the issue in IT departments has emerged as a more attractive option for companies. In this way, enterprises specializing especially in specific fields become the solution they are looking for in a short time.
For instance, the Lumnion startup, one of the growth-oriented initiatives of ArıTeknokent, has embarked on its journey after receiving the first significant support in the InsureTech insurance program at Istanbul Technical University (ITÜ) Çekirdek.
Established by Cenk Tabakoğlu, Aren Haddeler and Eray Alpan, the startup made up of a team of 20 people has managed to receive TL 4.5 million ($453,373) in seed investment from Sabancı Ventures and StartersHub in a short time.
The Lumnion initiative specializes in software and machine learning technologies in the insurance sector, performing critical risk analysis. With its experience in the field, the team is one of the few enterprises in the world with significant risk analysis capability in the insurance sector.
The company, which has achieved the ability to do business globally in a short time, has managed to become one of the enterprises specializing in the insurance sector in Munich, Germany.
Among others, there is B2metric, which operates in the field of artificial intelligence and is one of the startups backed by Türk Telekom's TT Ventures, and was founded by Murat Hacıoğlu and Tuna Sönmez in 2018.
The company offers an AI-based analytical solution that performs customer journey forecasting analytics, provides risk scoring, customer movement forecasting, segmentation, campaign and price optimization process management, and provides high accuracy and forecast rates.
It offers specialized platforms on adaptive big data analytics systems for active learners based on artificial intelligence in structured and unstructured distributed big data environments.
Interpreting company data and making future forecasting, B2Metric is achieving successful results in various fields such as finance, insurance, telecommunications, digital applications, e-commerce, automotive, retail and mobile gaming. It is among the enterprises that have graduated from the sixth-term startup acceleration program PILOT.
Expressing that they have rapidly increased their presence in Turkey, Lumnion co-founder and CEO Cenk Tabakoğlu shared the story of their global journey.
“Since we have created a solution in a very specific area, we have concentrated to reach as many global companies as possible. We have established and started our company in Munich to accelerate entry into the continental European market and especially into Germany,” he said.
Tabakoğlu said they were accepted to the ITHM (Munich) NXT program, one of the two Insurtech Hubs supported by the German Federal Government, from 250 companies and had reached the final top 10.
“After that, we also received an invitation from InsurLab Germany (Cologne) and went on to cooperate with them. We have offices located both in Munich and Cologne, and we have started recruiting here. The cooperation with these two centers has provided us with the opportunity to meet and work with many large companies such as AWS, Munich-re, SAP, Microsoft and Talanx,” he noted.
Elaborating on details of the solution they have developed, Tabakoğlu said Lumnion is developing pricing platforms based on artificial intelligence and machine learning in the field of non-life insurance.
“In our platform, we are able to perform actuarial risk modeling with next-generation machine learning algorithms such as XGBoost, Random Forest, Decision Tree. We also have detailed working modules ranging from field pricing management to behavioral pricing with external data.”
The three co-founders of Lumnion have gained the know-how by working in good positions in various institutions for a long time, Tabakoğlu said, adding that they transferred this experience to entrepreneurship.
“At some point, the fatigue caused by working in large corporate operations, bureaucratic obstacles that stand in the way of the desire to do new and different things, and perhaps the fact that we always have an entrepreneurial spirit inside of us, pushed us to this adventure,” he noted.
“We can say that the idea of creating a company from Turkey that can do something on a global scale has always led us in this direction. Aren and Eray are the first founders of the company. In 2017, they laid the foundation of the company in the field of consulting. I joined them in 2020, and we all started to manage the process of ‘productization’ together quickly.”
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