Hexaware Expands Google Cloud Partnership with Innovative Insurance Solutions
Hexaware Technologies, a global IT solutions and services provider, has announced an exciting step forward in its collaboration with Google Cloud via the launch of two state-of-the-art insurance solutions. This initiative is aimed at catalyzing the digital transformation of the insurance industry through the utilization of automation, artificial intelligence, and cloud-native technologies, marking a pivotal evolution in how insurance operations are managed.
The first of these offerings is Hexaware’s parametric claims solution, which revolutionizes the management of claims through automation. Designed to handle the entire lifecycle of parametric insurance claims, this innovative platform integrates real-time data from credible sources such as the International Meteorological Department (IMD), the National Oceanic and Atmospheric Administration (NOAA), global satellite networks, and the Google Earth Engine. By employing a sophisticated system of continuous environmental monitoring, the claims framework empowers self-governing AI agents to autonomously oversee key processes like trigger detection, data validation, and claims resolution.
One of the most significant benefits of this solution is its impressive efficiency; the time required to settle claims has been condensed from weeks to mere hours. This transformation not only promotes prompt service delivery but also enhances operational transparency. All relevant data is harmonized within Google BigQuery, creating a comprehensive knowledge fabric that guarantees immutable transparency and thorough audit trails throughout all stages of claims processing.
The second breakthrough solution launched by Hexaware is the Intelligent Product Factory (IPF), designed to accelerate the lifecycle of insurance product delivery. This advanced platform enables brokers, (re)insurers, and managing general agents (MGAs) to transition from cumbersome, traditional development processes to a much quicker and flexibly integrated system. By leveraging an AI-driven, low-code environment, IPF empowers users to rapidly create and configure insurance products directly from natural-language prompts and various unstructured documents.
Utilizing the Agent-to-Agent Protocol, autonomous agents diligently manage the stages of configuration, testing, and deployment, driving faster innovation in product offerings. Furthermore, the platform harnesses the power of Vertex AI and Gemini Enterprise to enhance its capabilities, supporting functions like accelerated data analysis and conversational analytics through Looker, all built upon a foundation of BigQuery data.
Shantanu Baruah, the President and Global Head of Healthcare, Life Sciences & Insurance at Hexaware, highlighted the importance of these solutions by stating, "These offerings are a testament to our ongoing partnership with Google Cloud and are meticulously crafted to help brokers, (re)insurers, and MGA firms modernize the two most vital components of their value chain—claims and product development—through cutting-edge automation and intelligence."
Christina Lucas, Global Director and Market Leader for Insurance at Google, expressed excitement for this collaboration, remarking, "The integration of Google Cloud's data and AI capabilities with Hexaware's extensive industry expertise will deliver significant impacts to the insurance space. We’re thrilled to embark on this journey with the launch of 'Intelligent Product Factory' and 'ParaClaims' to enhance speed, transparency, and agility for industry players."
Apurva Kadakia, the Global Head of Cloud at Hexaware, also acknowledged the deepening of their partnership by stating, "As we create insurance solutions natively on Google Cloud, we are specifically addressing the industry's demands for scalability, governance, and rapid adaptability."
This initiative is a crucial part of Hexaware’s overarching strategy to cultivate cloud-first capabilities designed to forge the future of insurance operations. As the partnership with Google Cloud strengthens, it is poised to make a transformative impact that empowers the insurance sector to navigate a rapidly changing landscape with greater efficacy and efficiency.
Hexaware Technologies embodies a global vision as a technology and business process services company, driven by the aim to deliver exceptional experiences through innovation. The launch of these insurance solutions marks a significant milestone in its relentless pursuit to enable businesses worldwide to achieve digital transformation at an unprecedented pace and scale. To learn more about Hexaware’s initiatives, visit Hexaware.
The first of these offerings is Hexaware’s parametric claims solution, which revolutionizes the management of claims through automation. Designed to handle the entire lifecycle of parametric insurance claims, this innovative platform integrates real-time data from credible sources such as the International Meteorological Department (IMD), the National Oceanic and Atmospheric Administration (NOAA), global satellite networks, and the Google Earth Engine. By employing a sophisticated system of continuous environmental monitoring, the claims framework empowers self-governing AI agents to autonomously oversee key processes like trigger detection, data validation, and claims resolution.
One of the most significant benefits of this solution is its impressive efficiency; the time required to settle claims has been condensed from weeks to mere hours. This transformation not only promotes prompt service delivery but also enhances operational transparency. All relevant data is harmonized within Google BigQuery, creating a comprehensive knowledge fabric that guarantees immutable transparency and thorough audit trails throughout all stages of claims processing.
The second breakthrough solution launched by Hexaware is the Intelligent Product Factory (IPF), designed to accelerate the lifecycle of insurance product delivery. This advanced platform enables brokers, (re)insurers, and managing general agents (MGAs) to transition from cumbersome, traditional development processes to a much quicker and flexibly integrated system. By leveraging an AI-driven, low-code environment, IPF empowers users to rapidly create and configure insurance products directly from natural-language prompts and various unstructured documents.
Utilizing the Agent-to-Agent Protocol, autonomous agents diligently manage the stages of configuration, testing, and deployment, driving faster innovation in product offerings. Furthermore, the platform harnesses the power of Vertex AI and Gemini Enterprise to enhance its capabilities, supporting functions like accelerated data analysis and conversational analytics through Looker, all built upon a foundation of BigQuery data.
Shantanu Baruah, the President and Global Head of Healthcare, Life Sciences & Insurance at Hexaware, highlighted the importance of these solutions by stating, "These offerings are a testament to our ongoing partnership with Google Cloud and are meticulously crafted to help brokers, (re)insurers, and MGA firms modernize the two most vital components of their value chain—claims and product development—through cutting-edge automation and intelligence."
Christina Lucas, Global Director and Market Leader for Insurance at Google, expressed excitement for this collaboration, remarking, "The integration of Google Cloud's data and AI capabilities with Hexaware's extensive industry expertise will deliver significant impacts to the insurance space. We’re thrilled to embark on this journey with the launch of 'Intelligent Product Factory' and 'ParaClaims' to enhance speed, transparency, and agility for industry players."
Apurva Kadakia, the Global Head of Cloud at Hexaware, also acknowledged the deepening of their partnership by stating, "As we create insurance solutions natively on Google Cloud, we are specifically addressing the industry's demands for scalability, governance, and rapid adaptability."
This initiative is a crucial part of Hexaware’s overarching strategy to cultivate cloud-first capabilities designed to forge the future of insurance operations. As the partnership with Google Cloud strengthens, it is poised to make a transformative impact that empowers the insurance sector to navigate a rapidly changing landscape with greater efficacy and efficiency.
Hexaware Technologies embodies a global vision as a technology and business process services company, driven by the aim to deliver exceptional experiences through innovation. The launch of these insurance solutions marks a significant milestone in its relentless pursuit to enable businesses worldwide to achieve digital transformation at an unprecedented pace and scale. To learn more about Hexaware’s initiatives, visit Hexaware.
Topics Business Technology）
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