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 associate, Mphasis will combine Sixfold’s AI platform to help insurers in accelerating their underwriting processes.
The platform goals to streamline submission consumption and supply underwriters with contextual threat insights to allow faster and extra assured decision-making.
Sixfold’s AI resolution, tailor-made for all times and incapacity, business property & casualty and specialty, and reinsurance, is designed to cut back overview instances by greater than 50% and enhance gross written premium (GWP) per underwriter by supporting smarter and quicker threat choice, whereas sustaining accuracy.
The collaboration seeks to optimise underwriting processes, enhance operational effectivity and promote clever decision-making by means of Sixfold’s superior AI expertise.
Mphasis chief options officer Srikumar Ramanathan acknowledged: “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 threat urge for food of every insurer, offering suggestions that adhere to the insurer’s underwriting tips.
Sixfold founder and CEO Alex Schmelkin mentioned: “Sixfold was constructed to unravel actual issues for underwriters – and to make the whole course of higher for brokers and prospects. Meaning making implementation easy and quick.
“Mphasis has an excellent monitor document of getting expertise reside inside real-world insurance coverage workflows. With them, insurers can transfer shortly, see influence quick and do all of it with out including further work to their groups. That may be a win for everybody concerned.”
Final 12 months, Sixfold raised $15m (£11.07m) in a Sequence A funding spherical, utilizing the funding to develop its AI and machine studying engineering staff.
