AI-powered digital risk platform, Cytora has unveiled its latest enhancement, leveraging Large Language Models (LLMs) to bring a new level of “accuracy and efficiency” to risk assessment and underwriting processes.
According to Cytora, the availability of LLMs alongside the risk platform’s proprietary AI transforms digitisation performance across end-to-end underwriting workflows.
At the same time, the Cytora platform is deployed with industry-leading insurance companies, including Allianz, Arch, Beazley and Markel International.
The use of LLMs in the Cytora platform improves performance through a variety of new features that enable commercial insurers to accelerate digitisation by reducing the time to onboard new lines of business.
Additionally, these features also enable insurers to digitise the full prebind workflow, as well as provide more consistency on decisioning across the workflow and further uplift GWP/FTE.
New capabilities from the enhancement includes Field Builder, Field Management, and Chain of (risk) Thought.
According to Cytora, Field Builder will accelerate line of business onboarding. Business users will be able to quickly and easily add new fields on top of pretrained line of business templates directly from the Cytora console. Therefore, this will accelerate line of business configuration, as well as reduce the time it takes to scale digitisation across diverse lines of business.
Meanwhile, Field management standardises heterogeneous fields that previously have required lengthy interpretation by risk professionals.
Cytora noted that it auto-matches heterodox fields to standardised lists based on similarity to unlock streamlined risk appetite, selection and pricing decisions.
Lastly, Chain of Thought interprets risk data enabling fields to be pieced together from heterogeneous data. Cytora explained that Chain of Thought “thinks like a risk professional” and deploys multi-step reasoning chains to power complex interpretation decisions.
Richard Hartley, CEO of Cytora, said: “We are excited to launch this latest enhancement to our platform. By providing risk specific LLMs that build upon our proprietary AI, Cytora enables underwriters to cut through the noise and reach decisions more efficiently and effectively.
“In an industry where data is key to driving decision making, these cutting-edge features are an important step in our mission to empower insurers with the tools they need to better manage risk in an ever-evolving landscape.
“Our aim is to allow insurers to optimise their operations and stay ahead of the curve, and by setting a new standard in the industry for data extraction, I am delighted that Cytora continues to do this.”
Earlier this month, Cytora partnered with hyperexponential, a pricing decision intelligence company, to provide commercial insurers with a more streamlined and informed understanding of risk.
