Hexaware, a leading IT services and solutions provider, has announced a strategic partnership with Earnix, a global leader in AI-based SaaS pricing and rating solutions for the financial services sector. This collaboration is designed to revolutionize insurance pricing by enhancing underwriting practices, boosting efficiency, reducing losses, and ensuring regulatory compliance. The partnership also aims to give insurers a competitive edge through more effective pricing strategies.
Hexaware’s Comprehensive Approach to Underwriting
Hexaware is focused on offering a holistic approach to underwriting practices. The company’s pricing practice is engineered to support pricing transformation across various lines of business, benefiting insurers, brokers, and Managing General Agents (MGAs). Intelligent pricing, as highlighted by Hexaware, plays a critical role in enabling more accurate risk assessments and premium setting, which are essential components of modern underwriting.
Impact of AI and ML on Insurance Pricing
The partnership between Hexaware and Earnix comes at a time when emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) are rapidly transforming the insurance industry. Earnix’s advanced data analytics and AI-driven models empower insurers to assess individual risk factors with greater precision. This leads to the creation of more accurate and dynamic pricing models that can adapt to real-time data. As a result, insurers can set tailored premiums that not only improve underwriting accuracy but also enhance customer satisfaction by quickly reflecting changes in risk profiles.
Leadership Comments on the Partnership
Sandesh Shetti, Global Leader of Insurance at Hexaware, emphasized the synergy between the two companies: “Hexaware’s expertise in AI and ML, combined with Earnix’s pricing and underwriting solutions, will help our clients refine their pricing strategies, enhance customer satisfaction, and maintain a competitive edge.”
Ruth Fisk, Head of Business Development at Earnix, echoed this enthusiasm, stating, “Earnix is excited to join forces with Hexaware to drive significant advancements in the insurance industry. By combining our expertise, we can offer a comprehensive suite of solutions that help insurers optimize their pricing and risk management strategies, improve customer experience, and ultimately drive growth and profitability.”
Conclusion
The partnership between Hexaware and Earnix is set to redefine how insurers approach pricing and underwriting. By leveraging advanced AI and ML technologies, the collaboration promises to deliver more precise, dynamic pricing models that adapt to the evolving landscape of insurance risks, ultimately benefiting both insurers and their customers.
