Shares of Hexaware Technologies Ltd (NSE: HEXT) gained 1.99% to Rs 676.60 in early trade on Wednesday, November 12, as the company announced the launch of two new AI-based insurance solutions developed exclusively for Google Cloud. The stock opened higher from its previous close of Rs 663.40, supported by positive market sentiment following the announcement.
Launch of next-generation insurance platforms
The company introduced two advanced digital insurance solutions—ParaClaims and Intelligent Product Factory (IPF)—as part of its strategic partnership with Google Cloud.
These platforms aim to transform insurance operations by automating claims management and accelerating product development through AI, automation, and cloud-native technologies.
Hexaware’s parametric claims solution automates the complete lifecycle of parametric insurance claims by integrating real-time data from sources such as IMD, NOAA, global satellite networks, and Google Earth Engine. Using the Agent-to-Agent Protocol, self-governing AI agents manage trigger detection, validation, and claims settlement autonomously, reducing turnaround time from weeks to just a few hours.
AI-powered product innovation for insurers
The company’s second offering—an intelligent insurance product platform—redefines the product delivery cycle by enabling brokers, reinsurers, and MGAs to design and deploy insurance products in a no/low-code AI-assisted environment.
Powered by Google’s Vertex AI and Gemini Enterprise, the platform allows the creation of new insurance products directly from natural-language prompts and unstructured documents. It uses NotebookLM for summarization and Looker for real-time analytics built on a BigQuery data layer, ensuring speed, governance, and transparency.
Strategic collaboration with Google Cloud
Commenting on the development, Shantanu Baruah, President & Global Head – Healthcare, Life Sciences & Insurance at Hexaware, said,
“These solutions build on our ongoing partnership with Google Cloud and are designed to help brokers, reinsurers, and MGAs modernize two of the most critical parts of their value chain—claims and insurance product development—through automation and intelligence.”
Christina Lucas, Global Director & Market Leader, Insurance, Google, added,
“We’re pleased to collaborate with Hexaware in applying the power of Google Cloud’s data and AI capabilities to deliver measurable impact for the insurance industry.”
Apurva Kadakia, Global Head – Cloud, Hexaware, emphasized that this launch marks another milestone in Hexaware’s cloud-first innovation roadmap, enabling the company to strengthen its position in AI-driven digital transformation for insurance.
Broader digital vision
The new solutions align with Hexaware’s broader program to build scalable, AI-enabled, and cloud-native systems for the future of insurance operations, reinforcing its global digital strategy and domain leadership in the BFSI segment.
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