Equisoft, a global provider of digital solutions for the financial sector, has announced a new partnership as an independent software provider alongside Databricks, a company specialized in data and artificial intelligence. Both companies are teaming up to offer an integrated analytics platform that drives the digital modernization of life insurance companies, an industry increasingly pressured to upgrade legacy systems and adopt AI technologies.
The collaboration combines Equisoft’s over thirty years of experience in the life insurance space and its preconfigured models with Databricks’ leading data and AI platform. The joint offering aims to address one of the sector’s main challenges: insurers spend up to 70% of their IT budgets maintaining outdated systems, while trying to advance toward implementing AI-based solutions.
By combining Databricks’ data intelligence platform with Equisoft’s insurance-specific analytics capabilities, insurers can now access a regulated and scalable platform that supports everything from basic dashboards to advanced machine learning and emerging AI agent applications, stated Ghassan Karam, Vice President of Core Insurance at Equisoft. “This is highly valuable for insurers managing multiple products, distribution channels, and regulatory requirements across different jurisdictions. With this solution, those insurers can quickly transform into AI-capable organizations without having to dedicate the time and resources needed to build custom solutions,” Karam explained.
“Insurers need to stop viewing AI as a distant goal and focus on building the databases that enable its development and expansion,” said Marcela Granados, Global Director of Insurance and Professional Services at Databricks. Databricks’ data intelligence platform allows insurers to responsibly harness the power of data and AI to drive modernization, meet evolving regulatory requirements, and deliver better outcomes for policyholders. By partnering with Databricks, Equisoft can accelerate innovation across the insurance ecosystem and enable large-scale data-driven transformation, fueling meaningful business results while ensuring compliance with standards such as IFRS 17,
Granados added.