Indian IT firm Mphasis has entered a strategic partnership with Sixfold, a US and UK-based AI underwriting firm, to bolster capabilities in insurance coverage underwriting.
As an implementation companion, Mphasis will combine Sixfold’s AI platform to help insurers in accelerating their underwriting processes.
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The platform goals to streamline submission consumption and supply underwriters with contextual danger insights to allow faster and extra assured decision-making.
Sixfold’s AI resolution, tailor-made for all times and incapacity, industrial property & casualty and specialty, and reinsurance, is designed to scale back assessment instances by greater than 50% and improve gross written premium (GWP) per underwriter by supporting smarter and sooner danger choice, whereas sustaining accuracy.
The collaboration seeks to optimise underwriting processes, enhance operational effectivity and promote clever decision-making via Sixfold’s superior AI expertise.
Mphasis chief options officer Srikumar Ramanathan said: “By leveraging Sixfold’s AI experience together with experience from Mphasis.ai and our insurance coverage expertise capabilities, we’re capable of ship superior, data-driven automation options for international insurers, driving effectivity, accuracy and innovation throughout the insurance coverage worth chain.”
Sixfold’s platform is already in use by carriers and is designed to combine into current workflows.
It additionally adjusts to the precise danger urge for food of every insurer, offering suggestions that adhere to the insurer’s underwriting pointers.
Sixfold founder and CEO Alex Schmelkin mentioned: “Sixfold was constructed to resolve actual issues for underwriters – and to make the complete course of higher for brokers and prospects. Meaning making implementation easy and quick.
“Mphasis has an amazing monitor file of getting expertise reside inside real-world insurance coverage workflows. With them, insurers can transfer shortly, see affect quick and do all of it with out including additional work to their groups. That could be a win for everybody concerned.”
Final 12 months, Sixfold raised $15m (£11.07m) in a Collection A funding spherical, utilizing the funding to increase its AI and machine studying engineering workforce.
“Mphasis companions with Sixfold to boost AI-driven insurance coverage underwriting ” was initially created and revealed by Life Insurance coverage Worldwide, a GlobalData owned model.
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