Insurtech launches AI suite for pricing and underwriting workflows

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.

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.”