Mphasis and Sixfold Partner to Revolutionize Insurance Underwriting with AI-Driven Solutions
Indian IT company Mphasis forges strategic partnership with AI underwriting firm Sixfold to enhance insurance underwriting capabilities Indian IT company Mphasis has entered into a strategic partnership with Sixfold, a US and UK-based AI underwriting company, to bolster its capabilities in insurance underwriting. As an implementation partner, Mphasis will integrate Sixfold’s AI platform to assist insurers in accelerating their underwriting processes. The partnership aims to optimize underwriting processes, improve operational efficiency, and promote intelligent decision-making through Sixfold’s advanced AI technology. The platform is designed to streamline submission intake and provide underwriters with contextual risk insights, enabling quicker and more confident decision-making. Sixfold’s AI solution is tailored for life and disability, commercial property & casualty, and specialty and reinsurance, and is designed to reduce review times by more than 50% and increase gross written premium (GWP) per underwriter by supporting smarter and faster risk selection while maintaining accuracy. The platform also adjusts to the specific risk appetite of each insurer, providing recommendations that adhere to the insurer’s underwriting guidelines. Mphasis chief solutions officer Srikumar Ramanathan stated: “By leveraging Sixfold’s AI expertise in combination with expertise from Mphasis.ai and our insurance technology capabilities, we are able to deliver advanced, data-driven automation solutions for global insurers, driving efficiency, accuracy, and innovation across the insurance value chain.” Sixfold founder and CEO Alex Schmelkin added: “Sixfold was built to solve real problems for underwriters – and to make the entire process better for brokers and customers. That means making implementation simple and fast. With Mphasis, insurers can move quickly, see impact fast, and do it all without adding extra work to their teams. That is a win for everyone involved.” Last year, Sixfold raised $15m (£11.07m) in a Series A funding round, using the investment to expand its AI and machine learning engineering team. The partnership between Mphasis and Sixfold is a testament to the growing importance of AI in the insurance industry, and the potential for automation to streamline processes and improve decision-making. The collaboration between Mphasis and Sixfold is expected to bring significant benefits to insurers, including faster and more accurate underwriting decisions, improved operational efficiency, and enhanced customer experience. As the insurance industry continues to evolve, it is clear that partnerships like this will be crucial for staying ahead of the curve and delivering innovative solutions that meet the needs of insurers and their customers.
The partnership between Mphasis and Sixfold holds great potential to revolutionize the insurance industry through their alignment on accelerating AI-driven underwriting, poised for market dominance with innovative solutions.
Bringing the power of artificial intelligence to insurance underwriting through this collaboration between Mphasis and Sixfold promises a major disruption in an industry ripe for digital transformation, paving new ground with innovative solutions.
This collaboration between Mphasis and Sixfold promises to upend traditional insurance underwriting practices by leveraging AI-driven solutions, paving the way for a disruptive transformation in this sector's digital landscape.
A powerful collaboration aimed at reshaping insurance underwriting, Mphasis and Sixfold join forces to propel the sector forward with AI-driven solutions that will enhance efficiency while ensuring fairness.
With Mphasis and Sixfold joining forces to innovate with AI-powered solutions, the insurance underwriting domain experiences a paradigm shift that promises accelerated improvements in processing speed while enhancing accuracy through intelligent automation.
The collaboration between Mphasis and Sixfold marks a pivotal moment in the insurance industry, with their jointly developed AI-driven solutions poised to revolutionize underwriting processes for greater efficiency and accuracy.
The collaboration between Mphasis and Sixfold promises a groundbreaking transformation in the insurance underwriting industry through their innovative AI-driven solutions, demonstrating how technology can streamline processes while enhancing precision.
The collaboration between Mphasis and Sixfold marks a game-changing move in the insurance industry, as their AI driven solutions are poised to revolutionize underwriting processes through unprecedented speed & accuracy.
