Hexaware shares gain on launch of insurance solutions backed by Google Cloud

Shares of Hexaware Technologies rose over 4% on Wednesday followed by the announcement of new advanced insurance solutions designed specifically for Google Cloud. The stock rose 4.20% to reach an intraday high of ₹692 against the previous close of Rs 663.40. Market cap of the IT firm stood at Rs 42,070 crore. 

The company said its advanced insurance solutions have been designed specifically for Google Cloud. The new solutions bolster the company’s partnership with Google and highlight their mutual commitment to driving digital transformation in the insurance sector with the help of automation, artificial intelligence, and scalable cloud-native architectures."

The newly launched parametric claims solution aims to automate every stage of the claims process by integrating real-time data from sources such as IMD, NOAA, global satellite networks, and Google Earth Engine, allowing for continuous environmental monitoring. The platform operates on the Agent-to-Agent Protocol, using self-governing AI agents for trigger detection, data validation, and claims settlement, which significantly reduces turnaround time from weeks to hours.

Shantanu Baruah, President and Global Head of the Healthcare, Life Sciences and Insurance department at Hexaware, commented, "These solutions build on our ongoing partnership with Google Cloud and are designed to help brokers, (re)insurers and MGA firms modernize two of the most critical parts of their value chain—claims and insurance product development—through automation and intelligence."

Christina Lucas, Global Director and Market Leader, Insurance, at Google, stated, "Christina Lucas, Global Director and Market Leader, Insurance, at Google, said the partnership between the two companies marks a major step in bringing the Google Cloud’s data and AI capabilities to the insurance industry."

The company also introduced the "Intelligent Product Factory (IPF)" and "ParaClaims" for parametric claims solutions, further advancing their digital initiatives. 

Shares of Hexaware Technologies made a subdued market entry on February 19, 2025. The IT solutions firm listed at Rs 745.50 on the NSE, reflecting a 5.30% drop from its issue price of Rs 708 per share. In a similar vein, the software giant opened at a 3.25% discount at Rs 731 on the NSE.