Strategic Investment to Revolutionize Insurance Processes
Xceedance, a renowned global provider of technology and digital solutions, has made a strategic investment in Friendly, an innovative artificial intelligence company based in San Francisco. Friendly specializes in transforming life & health (L&H) underwriting, claims management, and risk assessment processes through advanced AI technologies.
This investment highlights Xceedance’s dedication to equipping L&H and reinsurance clients with state-of-the-art technologies that cater to the rapidly changing market needs. By collaborating with Friendly, Xceedance aims to enhance the deployment of AI solutions that optimize operational efficiency and decision-making for insurers.
Enhancing Insurance Decision-making with AI
Friendly’s flagship platform excels in converting intricate medical and external data into structured, AI-ready insights. This significantly benefits life, disability, long-term care (LTC), critical illness (CI), casualty, and reinsurance underwriters in their risk assessment processes.
Both companies are planning additional joint initiatives, with further announcements anticipated later this year. These collaborations will focus on advancing AI applications throughout the insurance lifecycle, providing underwriters, claims professionals, and reinsurers with efficient and innovative solutions.
Leadership Perspectives
Arun Balakrishnan, Chief Executive Officer (CEO) of Xceedance, stated, “Xceedance is dedicated to bringing transformative solutions to the insurance industry. Friendly’s AI-driven technology is exceptional in enhancing underwriting and claims decisions with remarkable speed, precision, and security.”
This investment signifies the aligned vision of Xceedance and Friendly to make life and health insurance operations more intelligent and efficient. We eagerly anticipate collaborating on innovations that will benefit our clients globally.
Natasha Alexeeva, CEO of Friendly, added, “Friendly empowers underwriters, claims teams, and internal data science teams with AI-driven insights that simplify complex decision-making processes.”
By partnering with Xceedance, we gain a robust strategic ally who understands insurers’ dynamic needs. Together, we will enhance our platform’s capabilities and expand our reach in the L&H market, offering reinsurers and their primary clients cutting-edge AI solutions that boost operational efficiency.
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