Takeaways:
- Hyperexponential promises path to profit for users
- Insurtech applies AI to evaluate underwriting risks
Hyperexponential, an insurtech pricing and underwriting platform company, is continuing its expansion with a new product and more investment in the U.S.
Triage, announced September 17, applies AI to broker submissions for underwriting, and is geared to P&C insurers. The company is promising that Triage will be the fastest path from submission of underwriting applications to profitable business.
Insurance operations departments are moving away from simply increasing efficiency to pursue greater portfolio intelligence, according to Amrit Santhirasenan, CEO and co-founder of Hyperexponential.
"We've got one of the unique platforms by focusing on the pricing, rating and underwriting space," he said. "This is going to be an area that's going to be really in demand for us."
Under development for about six months before its launch, Triage applies AI to complex underwriting submissions and prioritizes them based on the risk appetite of the insurer using the platform. Linked with Hyperexponential's pricing and ratings solutions, Triage can set coverage pricing in minutes, according to the company.
Last year, Hyperexponential raised $73 million in a Series B funding round led by Andreessen Horowitz and Battery Ventures. Its platforms process $45 billion in premiums annually. Angela Strange, general partner at Andreessen Horowitz, said the company's track record deserved the investment.
"We knew their pricing platform as a system of record for insurers was very large. The opportunity was huge," she said, praising Santhirasenan's leadership. "It is very rare to find a computer science major turned actuary that can actually scale a company into a reasonable size, going after this market with blue chip customers."
Hyperexponential also plans to launch a beta version of a platform serving admitted lines by the end of 2025, Noel Sequeira, vice president of product and design at the company, announced at its New York launch event for Triage.
The company recently added three new executives for continued expansion of its business in the U.S. In July, Darren Govender joined as lead pricing actuary for North America, and David Spitz joined as chief strategy and marketing officer. In March, Patrick Quintos joined as global partnership director.
