AXIS + Sixfold
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“We were searching for a solution that could reliably deliver precision, and Sixfold has done just that and more. What really stood out for our underwriters was its ability to match cases with our risk appetite so accurately. The real game-changer, though, has been the time savings—freeing up valuable hours so our underwriters can zero in on the work that drives results while ultimately empowering us to better support our customers.”
Background
AXIS, a global leader in specialty insurance and reinsurance, operates in markets worldwide through 20+ offices with 2,000 employees. In 2023, the company achieved over $8 billion in Gross Written Premium. To further enhance operational efficiency and maintain its competitive edge, AXIS sought a partner to significantly improve the speed and efficiency of quoting new business insurance applications, thereby enhancing customer service and responsiveness.
Challenges
Each new submission required underwriters to conduct substantial research and manual work.
Each new submission required underwriters to conduct substantial research and manual work. A considerable amount of time was spent classifying companies into the correct industry and providing a comprehensive, actionable snapshot of the applicant’s business operations. These highly manual processes not only placed an undue administrative burden on underwriters but were also inefficient in accurately surfacing relevant risk characteristics and classifying businesses. This hampered AXIS’s ability to efficiently assess risks and optimize premiums.
After previous transformation efforts failed to deliver the desired improvements, the company turned to Sixfold’s purpose-built underwriting platform.
Solution
AXIS decided to partner with Sixfold due to its accuracy and consistency. While other vendors delivered around 30% accuracy in applying industry codes, Sixfold’s AI-powered solution exceeded 75% accuracy, the highest the company had seen and well above the industry standard.
AXIS decided to partner with Sixfold due to its accuracy and consistency. While other vendors delivered around 30% accuracy in applying industry codes, Sixfold’s AI-powered solution exceeded 75% accuracy, the highest the company had seen and well above the industry standard. The engagement began with an underwriter-facing dashboard, which greatly accelerated time-to-value. Following the success of the pilot, the project expanded to a full integration within AXIS’s automated clearance process.
The implementation required just one internal IT resource to integrate the API with AXIS’s internal system and a small group of underwriters to evaluate accuracy against existing technologies and manual efforts. The entire implementation process, including testing, took approximately six weeks.
Results
In the first month, AXIS analyzed more than 15,000 applications using Sixfold’s AI. Underwriters have described the technology as the “most accurate they’ve ever used".
In the first month, AXIS analyzed more than 15,000 applications using Sixfold’s AI. Underwriters have described the technology as the “most accurate they’ve ever used". Feedback from underwriters has been enthusiastic, highlighting the elimination of extensive manual research and a significant reduction in reworking cases due to the improved accuracy of the Sixfold solution.
The implementation of Sixfold has enabled AXIS to grow its gross written premiums while reducing submission processing time. Following this successful implementation, AXIS plans to expand its partnership with Sixfold to address other areas of underwriting improvement and efficiency.
“The implementation process was seamless and well-structured, taking just six weeks from start to finish. We began with a user-facing web UI for quick time-to-value and eventually integrated fully into our core automated clearance process. The Sixfold team worked closely with our underwriting team to ensure our needs were met through weekly meetings and transparent communication around results and timelines.”
- Josh Fishkind
