UK insurtech companies Send and hyperexponential have formed an alliance to optimise the pricing process for insurers by integrating their technologies.
This collaboration combines the capabilities of hyperexponential’s hx Renew platform and Send’s Underwriting Workbench, aiming to streamline underwriting and pricing and improve accuracy for insurers.
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Insurance companies that use the interface are expected to benefit from the speed and precision of responses.
It also addresses the challenge of underwriters spending extensive time on data entry across multiple systems, which can take up nearly half of their workweek.
The integrated solution has already been validated in live customer use cases with prominent insurers.
Send CEO and co-founder Andy Moss said: “The emerging insurance ecosystem thrives on partnerships between innovative companies, working together to provide industry-leading solutions for their customers and streamline complex, time-consuming processes.
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By GlobalData“This partnership further enriches our award-winning Underwriting Workbench, giving customers seamless access to hyperexponential’s intelligent pricing models, without having to switch between systems or manually re-key data. We have already seen this partnership in action with several global insurance carriers and look forward to helping other insurers reap the benefits.”
hyperexponential chief revenue officer Richard Gunn said: “Our partnership with Send represents our ongoing commitment to offering insurers a best-in-class, deeply interconnected pricing ecosystem. This integration empowers underwriters to achieve greater efficiency and accuracy in their pricing decisions, ultimately driving business success for insurers.”
Earlier this year, hyperexponential secured $73m (£57.22m) in Series B funding to further develop its insurance pricing decision intelligence platform.
The funding round was led by Battery Ventures, with participation from Highland Europe and Andreessen Horowitz (a16z).
The investment is set to support hyperexponential’s expansion plans including the establishment of a New York office and the creation of new product features to cater to the growing needs of adjacent insurance markets.
