Ep 313: Alex Schmelkin, Founder & CEO, Sixfold

In Episode 313 of the FNO: InsureTech Podcast, hosts Rob Beller and David Prejeant sit down with Alex Schmelkin, Founder and CEO of Sixfold, for a fascinating conversation about AI, underwriting, and one of the fastest-growing areas in insurance technology today. Alex Schmelkin shares how a pre-ChatGPT idea evolved into an AI-native company focused exclusively on helping insurers improve underwriting outcomes through the use of AI-powered underwriting colleagues.  The discussion explores the evolution of AI in underwriting, what insurers are learning from AI-assisted decision-making, and why underwriting may be one of the most compelling use cases for generative AI. Along the way, Alex shares his entrepreneurial journey, lessons learned from prior startups, and his vision for how underwriters and AI will work together in the future.  Whether you're an underwriter, insurance executive, InsureTech founder, or simply curious about how AI is changing insurance, this episode delivers valuable insights from someone building at the forefront of the industry. Key Highlights [04:00] Meet Sixfold Alex Schmelkin explains how Sixfold is building AI underwriters designed to help insurers make underwriting operations faster, more accurate, and more profitable.  [05:00] The Origin Story Why the summer of 2022 became the starting point for Sixfold and how experimenting with large language models eventually led Alex back to underwriting. [08:00] Building an AI Company Before the AI Boom The unique timing of launching an AI startup just before ChatGPT introduced generative AI to the mainstream.  [09:00] Why Focus Matters Alex shares why Sixfold resisted the temptation to tackle all of insurance and instead focused exclusively on underwriting. [10:00] Measuring Success How insurers evaluate AI underwriting performance and the metrics that matter most when proving ROI. [13:00] What AI Does Better Than Humans A discussion about where AI excels, where humans still have the advantage, and why underwriting remains a partnership between both.  [15:00] The Evolution of Underwriter Attitudes Toward AI How industry conversations have shifted from fear of replacement to collaboration and augmentation.  [17:00] Making Underwriting Fun Again Why Alex believes underwriters should spend less time on repetitive tasks and more time making decisions that create value.  [19:00] Alex's Journey Into Insurance From e-commerce and banking to InsureTech and underwriting, Alex shares the path that led him into the insurance industry.  [23:00] What Makes an Underwriting Portfolio Successful? How Sixfold is helping insurers better understand the risks they write and why some portfolios consistently outperform others.  [26:00] From AI Assistant to AI Underwriter How Sixfold's technology evolved from helping underwriters gather information to supporting end-to-end underwriting workflows.  [28:00] Where Automated Underwriting Creates Scale A discussion on the types of insurance risks that are particularly well suited for AI-powered underwriting.  [30:00] The Future Role of the Human Underwriter Alex shares his vision for how underwriting professionals may evolve as AI becomes more deeply embedded into underwriting operations.  [32:00] Building the Underwriting Cockpit of the Future Why the future interface between underwriters and AI may look very different from today's underwriting systems.  [35:00] Looking Beyond Underwriting How Sixfold is beginning to explore adjacent opportunities where AI-driven risk analysis can create value.  [38:00] The Story Behind the Name Sixfold Alex shares the surprisingly personal inspiration behind the company's name.  [40:00] Why Insurance Matters One of the episode's most thought-provoking moments as Alex explains the critical role insurance plays in enabling economic activity around the world. [43:00] Running an AI-Native Company What makes operating an AI-native business different from building traditional software companies and why adaptability is critical in today's AI landscape. [46:00] Final Thoughts Rob and David reflect on the conversation, the future of AI underwriting, and why this is one of the most exciting periods in insurance technology.