 "Mphasis joins hands with Sixfold to provide AI solution to insurers")
IT company Mphasis on Monday announced a new partnership with Sixfold, an artificial intelligence (AI) start-up based in the United States and United Kingdom, to make the insurance process more accurate and efficient.
Sixfold develops AI tools that help insurance companies assess risks more efficiently, a key part of deciding whether or not to offer a policy and at what price. It supports faster submission intake and underwriting — the process involved in calculating the risk of insurance. Sixfold’s platform automates this process, helping insurers make quicker, more confident decisions.
Through this partnership, Mphasis will integrate Sixfold’s AI solutions into its existing workflows. This is expected to reduce the insurance review time by more than half and help underwriters — professionals who evaluate risks — increase their efficiency without compromising accuracy.
“Mphasis is excited to partner with Sixfold to accelerate AI adoption in the insurance industry. 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,” said Srikumar Ramanathan, Chief Solutions Officer, Mphasis.
“Sixfold was built to solve real problems for underwriters — and to make the entire process better for brokers and customers,” said Alex Schmelkin, Founder and CEO of Sixfold. “That means making implementation simple and fast. Mphasis has a great track record of getting technology live inside real-world insurance workflows. With them, insurers can move quickly, see impact fast, and do it all without adding extra work to their teams. That’s a win for everyone involved.”
This collaboration follows the growing trend of adopting AI technology in the insurance sector.