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.