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In a significant move to enhance operational efficiency and decision-making in the life & health (L&H) insurance sector, Xceedance, a global provider of insurance-focused consulting, technology, operations, and data solutions, has announced a strategic investment in Friendly, an innovative artificial intelligence company. Friendly specializes in transforming complex underwriting, claims management, and risk assessment processes through its cutting-edge AI solutions.
This collaboration underscores Xceedance’s commitment to equipping L&H and reinsurance clients with state-of-the-art technologies that meet the rapidly evolving market needs. By combining forces, Xceedance and Friendly aim to accelerate the deployment of AI-powered solutions that streamline operational processes, enhance decision-making accuracy, and boost overall efficiency for global insurers.
Friendly’s flagship platform converts intricate medical and third-party data into structured, AI-ready insights, enabling life, disability, long-term care (LTC), critical illness (CI), casualty, and reinsurance underwriters to assess risks more effectively and efficiently. This technology automates the analysis of structured and unstructured data sources, generates targeted summary reports, auto-adjudicates claims, and supports straight-through processing (STP) for new business.
Xceedance is renowned for its insurance-focused consulting, technology, and data-driven services. With this investment, Xceedance reinforces its mission to provide transformative solutions for the insurance industry. By aligning with Friendly, Xceedance is set to further enhance its capabilities in AI-driven solutions that improve operational efficiency and strategic decision-making for clients.
Arun Balakrishnan, CEO of Xceedance, emphasized the transformative impact of Friendly’s AI-driven technology in enhancing underwriting and claims decisions with speed, accuracy, and security. This strategic investment reflects the shared vision of Xceedance and Friendly to make L&H insurance operations more intelligent and efficient.
Natasha Alexeeva, CEO of Friendly, highlighted the strategic alignment with Xceedance as a key opportunity to expand Friendly’s platform capabilities and reach in the L&H market. By partnering with Xceedance, Friendly gains a robust ally that deeply understands insurers’ evolving needs, further enabling the company to empower underwriters and claims teams with AI-driven insights that simplify complex decision-making 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 innovative and efficient solutions.
The strategic investment by Xceedance in Friendly represents a significant step forward in leveraging AI to modernize life & health insurance operations. As the insurance landscape continues to evolve, collaborations like these will play a crucial role in driving technological advancements, improving operational efficiency, and enhancing decision-making accuracy for insurers globally.
