Newsletter
Hexaware Technologies gained 3% after it announced a deal with Google Cloud to launch two new AI-powered insurance solutions.
Breaking it down: Hexaware’s new tools, ParaClaims and Intelligent Product Factory (IPF), are designed to automate everything from claims processing to product development.
The parametric claims platform uses real-time data from IMD, Google Earth Engine to monitor environmental events and trigger instant settlements, cutting claim resolution time from weeks to just hours.
Why it matters: Insurance firms spend tons of time and money handling claims and product updates. With AI agents and cloud-native automation, Hexaware and Google Cloud are helping insurers ditch paperwork and embrace speed.
Zoom out: India’s insurance sector has been quietly going through a tech makeover. For instance, Tata AIG and HDFC ERGO have launched AI-based claim settlement systems that scan damage photos from car accidents and generate instant repair estimates.
ICICI Lombard’s MyRA chatbot uses natural language processing to assist customers through policy purchase and claims filing.
