Amrit Santhirasenan, Co-founder & CEO at hyperexponential, discusses pricing decision intelligence for insurers. Topics include the importance of insights and beliefs, avoiding failure in projects, book recommendations for start-ups, the power of partnerships, and the significance of asking hard questions. The podcast also covers hyperexponential's clients and the role of technology in assisting underwriters.
Hyper-Exponential's pricing decision intelligence platform helps insurers wire together data insights and decisions to improve underwriting.
The insurtech market is undergoing consolidation, with trade sales and acquisitions becoming more common, and there is a growing emphasis on partnership and ecosystem collaboration.
Deep dives
Hyper-Exponential: Building Pricing Decision Intelligence Platforms for Insurers
Hyper-Exponential, founded in 2017 in the UK, provides a pricing decision intelligence platform for insurers. With clients including Inigo and Convex, their platform helps wire together data insights and decisions to improve decision-making in underwriting. They aim to take away the technology pains faced by insurers, enabling them to focus on their core insurance problems. The company has seen significant growth, with ongoing deployments, integration work, and new opportunities. The Genetive AI technology they use, like Chat GPT, allows for conversational chat interfaces and can be a valuable tool for research, analysis, and problem-solving. The founder encourages a skeptical approach, challenging and debating the AI system to expand knowledge and gain valuable insights.
Trends and Challenges in Insurtech
The founder predicts a consolidation of startups and technology in the insurtech market, with trade sales and market acquisitions becoming more prevalent. The industry is experiencing a shift in mindset, with a greater emphasis on partnership and ecosystem collaboration. Scope management is identified as a key factor in project success, urging organizations to define clear boundaries in order to avoid scope creep. The CEO highlights the potential of generative AI, such as Chat GPT, and suggests using it as a tool to lower the floor and raise the ceiling of knowledge and decision-making. He recommends testing and challenging the AI system, encouraging a stimulating debate to enhance understanding and leverage its capabilities.
Hyper-Exponential's Community Engagement and Market Focus
Hyper-Exponential values community engagement and actively contributes to the insurtech ecosystem. They believe in the power of partnerships and connections within the insurance market. The company recently underwent a brand refresh, emphasizing the concept of pricing decision intelligence and how it can revolutionize decision-making in the industry. Hyper-Exponential strives to provide clients with a versatile and integrative product, offering ease of integration and fostering a collaborative approach. They are committed to helping insurers make better decisions and navigate the complex landscape of the insurance industry.
Emerging Opportunities in Insurtech
Hyper-Exponential anticipates a significant transformation in the insurtech market, driven by technology advancements and increasing competition. The company is primed to capitalize on emerging opportunities and attract clients across the globe. They have witnessed substantial growth, partnering with prominent insurers and servicing billions of dollars in premium. Exciting developments, such as AI-powered decision-making, partnerships, and consolidation, are shaping the future of insurtech. Hyper-Exponential remains optimistic about the potential impact of technology and aims to continue innovating and driving positive change in the industry.
This week on the podcast Matthew speaks to a returning guest, Amrit Santhirasenan who is the Co-founder and CEO at hyperexponential. Their discussion focuses on pricing decision intelligence and what this means for insurers. Listen to find out more about hyperexponential’s evolution as a start-up since Amrit previously spoke on the podcast in 2019, and how hyperexponential want to “take the tech risk away” for “insurers to focus on the insurance risk”.
Are you an insurer or reinsurer interested in finding out more about hyperexponential? We are hosting a Breakfast Event in partnership with hyperexponential on 26th of September. Please register your interest and your place will be confirmed by one of our team.
Key topics include:
Why insights, opinions and beliefs are as crucial as data
How to avoid failure in projects - are you building a bridge or a network of roads
Book recommendations for start ups owners
hx Connect - the importance of ecosystems in partnerships
What is your scope? The power of asking hard questions
In addition to hearing about hyperexponential, we talk about their clients including InsTech members Indico Data, Convex, Cognizant, Cytora and more.
InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
Outline some of the strategies for integrating pricing decision intelligence into an organisation's practices
Identify a range of skills to assess and manage risks associated with technology projects
Describe the significance of ecosystems and partnerships in the insurance industry
If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 263 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.
To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.
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