Actuarial Mathematics can actually solve real business problems when it comes to operations, sales effectiveness, risk management, cost-effectiveness, future projections, capital efficiency, and more. But most companies are not aware of this.
“We all had corporate jobs and realised that there are opportunities in India that a lot of technology companies aren’t addressing for enterprises,” say Actlogica founders Archana Anoor and Ameet Ayare.
The duo has found a way to make the complex world of Actuarial Mathematics effectively integrate with the sometimes-complicated Information Technology domain.
Founded in 2015, Actlogica integrates Actuarial Mathematics in their software products to provide actionable intelligence to customers. They have a B2B wealth management solution called Mercury Financial, and a Life Insurance Product Modelling software – Avislic - for insurance companies.
Actlogica believes that menial day-to-day jobs should be automated using technology so that the human mind can focus on innovating in areas that create maximum impact. They evaluated several apps in the market, and chose Zoho One, via the ‘Zoho for Startups’ program. It was a no-brainer, because although there were other solutions in the market, there were none that would seamlessly ‘speak’ with other parts of the software in a business.
“We believe that technology is an enabler of business. A company should not have to rely too much on servicing its three most important stakeholders - customers, vendors and employees. And Zoho One helped us get there,” says Ameet.
Actlogica has thus automated all aspects of servicing and managing their stakeholders to provide a seamless and superior experience. The customers can chat, raise support tickets or communicate with them directly via their apps. Also, they would know when a request is going to be served, which would have been difficult to track otherwise.
Their app is integrated with Zoho CRM, Zoho Desk, Zoho Sprints for product development and customer support. They use Zoho Learning Management System, Zoho Cliq, Zoho Creator to ensure that their employees can collaborate easily. Zoho Social and Zoho Campaigns ensure that they’re able to create and engage customers with meaningful content.
“Fortunately, we started using Zoho as soon as we hit production. Zoho One is like an integral part of Actlogica, from offering superior customer service using Zoho CRM to reacting on time with customer queries,” says Ameet.
Earlier, they used to run their payroll on MS-Excel and make individual NEFT salary transfers and vendor payments. It took just two people to ensure that the process was error-free. But now, with the banking integration with Zoho Expense, Zoho Payroll, Zoho People and Zoho Books, it takes one person less than 30 minutes to run payroll with just an OTP. Their vendors are registered, paid and managed on the ERP-like-system they created using Zoho One, which requires minimal or no human intervention.
“Actlogica is one of our premium users of Zoho One, and they currently use about 12 to 13 apps from our products suite. Stories like these make for a solid use case, that tell the world how tech adoption is done, and also set the stage for how the future of work will look like. Founders like Archana and Ameet help in making every startup out there explore Zoho's solutions to run their businesses,” says Kuppulakshmi Krishnamoorthy, Global Head - Zoho for Startups.
Actlogica has also set up Zoho Recruit for talent management. “This makes it easy to track applicants, leave policies, employee policies, exit processes, etc. It is less than a part-time job for one person to ensure all of these processes and policies are enforced,” says Ameet.
The founders foresee an exciting future. Their product Mercury has been growing 130 percent month-on-month from customers and assets under management (AUM) perspective.
“We’ve set out aggressive targets which now look achievable. We’re working on a feature that will bring together all key stakeholders of the wealth management industry,” says Ameet.
Actlogica has also been spending a significant amount of deep math expertise in building custom algorithms with a focus on financial services and insurance.
The partnership with Zoho has helped Actlogica concentrate on product development and continuous innovation.
“Zoho’s solution offers a company everything it needs to manage service and scale at a reasonable and affordable price,” concludes Ameet.