Mphasis and Sixfold Team Up to Accelerate AI-Powered Insurance Underwriting
Indian IT firm Mphasis has partnered with Sixfold, an AI underwriting specialist based in the US and UK, to improve insurance underwriting processes. Mphasis will serve as the implementation partner, integrating Sixfold’s AI platform to help insurers speed up underwriting workflows.
The collaboration focuses on streamlining submission intake and providing underwriters with contextual risk insights. This enables faster, more confident decision-making while maintaining accuracy. Sixfold’s AI solution supports underwriting for life and disability, commercial property & casualty, specialty lines, and reinsurance.
Cutting Underwriting Review Times and Boosting Productivity
Sixfold’s platform aims to reduce underwriting review times by over 50%, while increasing the gross written premium (GWP) per underwriter. It achieves this by facilitating smarter risk selection and accelerating decision cycles without compromising on risk assessment quality.
This integration will help insurers improve operational efficiency and encourage data-driven underwriting decisions using advanced AI technology.
Insights from Leadership
Srikumar Ramanathan, Chief Solutions Officer at Mphasis, highlighted the benefits of combining Sixfold’s AI expertise with Mphasis.ai’s insurance technology capabilities. He stated that this partnership enables delivery of advanced automation solutions that drive efficiency, accuracy, and innovation throughout the insurance value chain.
Alex Schmelkin, Founder and CEO of Sixfold, emphasized that their platform was built to address real-world challenges faced by underwriters, brokers, and customers. He noted that Mphasis has a strong record of implementing technology that fits seamlessly into existing insurance workflows, allowing insurers to realize benefits quickly without adding extra workload for their teams.
Platform Features and Adoption
- Integrates smoothly into current underwriting workflows
- Adapts to each insurer’s risk appetite and underwriting guidelines
- Provides actionable recommendations aligned with insurer policies
Sixfold’s platform is already in use by multiple carriers, helping them enhance underwriting speed and precision.
Recent Investment to Expand AI Capabilities
Last year, Sixfold secured $15 million (£11.07m) in a Series A funding round. The investment is being used to grow its AI and machine learning teams, further enhancing its underwriting platform.
For insurance professionals interested in leveraging AI to improve underwriting or other insurance processes, exploring specialized training can be valuable. Resources like Complete AI Training’s courses for insurance jobs offer practical skills to stay current with AI applications in the industry.
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