Digital risk processing platform Cytora has partnered with hyperexponential, a pricing decision intelligence company, to provide commercial insurers with a more streamlined and informed understanding of risk.
The platform partnership drastically reduces the time for underwriters to make decisions on risks they want to write, reducing quote turnaround time to minutes not hours.
Underwriters receive decision-ready risks that have been digitised as well as evaluated against appetite and priority score by Cytora. These risks are then passed seamlessly into hyperexponential’s pricing decision intelligence platform, hx Renew.
The fully digitised and evaluated risk is priced by hx Renew without the need to rekey any data, and the risk is made available for underwriting and further analysis prior to a quoting decision being made.
According to Cytora, this level of underwriter augmentation and automation has historically been unachievable but the combination of these two market leading tech providers finally makes it a reality.
Cytora’s customers benefit from having embedded price adequacy into their priority rules, as well as giving insights into the price and complexity of each risk for more informed underwriting.
Combined with hyperexponential’s pricing decision intelligence platform, insurers are now able to fuel straight-through-processing risk streams with accurate pricing data, further reducing administration costs.
Juan de Castro, COO at Cytora, said: “With this new integration insurers now have seamless access to hyperexponential’s real-time pricing data within Cytora’s data ecosystem. This allows insurers to operationalise at the flip of a switch hyperexponential’s data within their underwriting workflows, driving superior evaluation and quotation of a risk.”
