Insurtech Sixfold, the insurtech empowering underwriters with a generative AI solution for end-to-end risk analysis, introduced an AI Accuracy Validator to strengthen underwriter confidence in AI-driven risk analysis.
The tool ensures transparency and consistency in AI applications for insurance underwriting.
Surveys indicate 77% of insurers now integrate AI into their operations, up from 61% the previous year. While AI improves risk assessment efficiency, underwriters often lack tools to verify its accuracy, creating trust barriers.
The Validator allows Sixfold to refine its AI output continuously, delivering fact-based and reliable insights. This supports underwriters in making informed decisions as AI adoption accelerates in the insurance sector.
The Validator compares Sixfold’s AI-generated insights to an insurer’s underwriting standards, assessing alignment and scoring results. For example, in a cyber risk evaluation, it might report:
“The AI-generated summary achieved an accuracy score of 89% because it failed to include information about the company’s backup retention period.”
When discrepancies arise, Sixfold analyzes patterns to determine the cause, whether linked to specific risk categories, underwriting inconsistencies, or business lines. The company then adjusts its models, improving pattern recognition and underwriting guideline interpretation.
In 2024, Sixfold has raised $15 mn in Series A funding.
Sixfold, using its innovative patent-pending technology, secured investment led by Salesforce Ventures, with contributions from Scale Venture Partners and previous investors including Bessemer Venture Partners and Crystal Venture Partners.
The investment will support the expansion of Sixfold’s team of AI/ML engineers, enhance product capabilities, and accelerate research and development efforts. This funding will facilitate Sixfold’s market expansion from North America to the UK and the European Union.
Sixfold designed the Validator for ongoing accuracy enhancement. With benchmark metrics, insurers can track AI performance over time. The company provides on-demand accuracy reports, allowing insurers to monitor progress whenever needed.
Co-founder and COO Jane Tran noted that insurers appreciate the transparency and ability to track AI improvements.
We’ve seen overwhelming enthusiasm from customers who can now track our AI’s accuracy results over time
Jane Tran, Co-founder and COO of Sixfold
“They love the insights and transparency; they love watching the AI get smarter and what that means for their underwriters. We’re already seeing how it’s building a new level of trust in the technology, which translates to greater user adoption,” said Jane Tran.
Insurers using Sixfold’s platform have reported measurable gains, including a 15% accuracy improvement during the pilot phase and 90% accuracy in business classifications.
These advancements have driven long-term adoption, enabling underwriters to process submissions faster while maintaining confidence in risk assessments.
