’Work like pricing model builds, which once took weeks or even months, can now be completed in minutes,’ says chief executive
Insurtech firm Hyperexponential has launched a suite of artificial intelligence(AI)-powered tools designed to enhance pricing, actuarial modelling and underwriting decision-making.
Called hx AI, the suite of tools automates data processing, streamlines workflows and provides analytical insights.
It also includes a data ingestion library, which reduces manual data entry for underwriters, and a virtual actuarial assistant that helps actuaries build models faster with real-time programming support.
Amrit Santhirasenan, chief executive at Hyperexponential, said: “AI is fundamentally transforming the pace and potential of large-scale digital transformation projects.
“Work like pricing model builds, which once took weeks or even months, can now be completed in minutes with hx AI.”
Assisting underwriters
This comes after a report by Hyperexponential in September 2024 revealed that nearly 69% of underwriters and 67% of actuaries are worried about being replaced by AI within the next five years.
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However, hx AI is designed to help insurers uncover new margins in their most complex lines of business.
By automating traditionally time-consuming tasks, the suite allows underwriters and actuaries to focus on high-value analysis, leading to more accurate pricing and improved profitability.
Santhirasenan said: ”Our approach has always been to partner closely with our customers, using technology to turn their data, insights and expertise into tangible competitive advantages.
”AI takes this to a completely new level, with unbounded potential. I’m personally incredibly excited to support our customers on this transformative journey.”
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