Hexaware & Earnix partner to revolutionise insurance pricing

Hexaware has announced a strategic partnership with Earnix to bring advanced AI solutions to insurance pricing and underwriting. This collaboration aims to help insurers refine pricing strategies, enhance customer satisfaction, and maintain a competitive edge in an evolving market.

Hexaware plans to offer comprehensive pricing transformation for insurers, brokers, and Managing General Agents (MGAs) across various business lines. This initiative is expected to leverage Earnix's advanced data analytics and AI-driven models to evaluate individual risk factors precisely, creating more accurate and dynamic pricing models.

"Hexaware's expertise in AI and ML, combined with Earnix's pricing and underwriting solutions, will help our clients refine pricing strategies, improve customer satisfaction, and maintain a competitive edge," said Sandesh Shetti, Global Leader of Insurance, Hexaware.

Earnix, known for its cutting-edge AI-based software-as-a-service (SaaS) pricing and rating solutions for financial services, will significantly advance insurers' approaches to pricing and risk assessment. According to Ruth Fisk, Head of Business Development at Earnix, "By combining our expertise, we can offer a comprehensive suite of solutions that helps insurers optimise their pricing and risk management strategies, improve customer experience, and ultimately drive growth and profitability."

Emerging AI and machine learning (ML) technologies are transforming insurance pricing, primarily through the ability to handle vast amounts of data and create more tailored premiums. Earnix's AI-driven models can help insurers evaluate individual risk factors more precisely. The resulting premiums are expected to improve underwriting accuracy and customer satisfaction, adapting to real-time data and reflecting changes in risk profiles promptly.

Hexaware seeks to offer a comprehensive approach to underwriting practices. Its pricing practice supports pricing transformation across various business lines and pricing models for insurers, brokers, and MGAs. Intelligent pricing is seen as crucial for enabling more accurate risk assessment and premium setting.

The partnership also emphasises regulatory compliance and efficiency in underwriting processes. Earnix's AI-driven solutions can assist insurers in complying with evolving regulations while reducing losses, thus ensuring a competitive advantage through effective pricing strategies.

With over 54 offices in 28 countries, Hexaware claims to empower enterprises worldwide to realise digital transformation at scale and speed. The company aims to create advantages for customers, employees, and communities by combining people and technology.