Digital risk processing platform, Cytora, and Relativity6, a provider of industry classification modelling, have entered into a partnership which will enable Relativity6’s models to be used to enhance the underwriting process within Cytora.
From what we understand, the integration will provide commercial insurance underwriters with a way to process more commercial quotes within a quicker manner.
According to the announcement, this is facilitated by turning data from freeform text into standard industry classifications.
This level of automation will help save underwriters a significant amount of time, therefore enabling them to provide the right cover, price and product to customers at a much faster rate.
Moreover, the integration of data sources like Relativity6 directly into risk processing workflows enables insurers to digitise their core workflows, as well as make better-informed decisions on risk and improve speed to market; ultimately enhancing broker and client experience.
This partnership follows on from a period of significant growth for Cytora.
Recently, it was reported that the firm had partnered with ZestyAI, a company that leverages artificial intelligence for risk assessment, to bolster commercial property underwriting with integration of climate models.
Juan de Castro, COO at Cytora, commented: “At Cytora, our mission is to redefine workflows in the commercial insurance industry. Our partnership with Relativity6 and the integration of their trade attribution model into our platform represents a significant step towards achieving this goal. It equips insurers with a powerful resource for understanding and managing risks associated with businesses, allowing them to make more informed decisions and enhance their competitive position in the market.”
Josh Lurie, COO at Relativity6, said: “We are laser focused on finding, classifying, and monitoring private companies and providing underwriters with the most relevant, accurate, and reliable data. With over 60 leading carriers and MGA’s utilizing our proprietary industry technology we’ve proven that our platform can dramatically reduce premium leakage and increase profitability in P&C insurance. We are thrilled to add value to the users of Cytora’s platform and continue assisting in the underwriting and risk assessment process.”
