Global re/insurer QBE Insurance Group has adopted Risk Engine technology from artificial intelligence (AI) company Cytora to enhance underwriting decisions across its commercial portfolio.
QBE explained that its partnership with Cytora will enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better meet specific needs.
Cytora’s Risk Engine learns patterns of risks over time and combines the digital footprint of each business with an insurer’s internal data to generate a comprehensive risk profile for each business and commercial property.
Combined with QBE’s existing proprietary and historic data, the company claims that the risk ratings will allow its underwriters to better judge the quality of each submission, resulting in improved conversion, retention and reduced loss ratios.
Risk scores for Property and Real Estate are currently available to QBE underwriters across the UK, although QBE Australia has also announced plans to deploy Cytora’s Risk Engine in 2019.
“Our UK underwriters have embraced Cytora’s technology and data to enhance their decision-making when pricing risks – both for renewal and new clients,” said Matt Roles, Director of Property – UK, QBE European Operations.
“This has given QBE a competitive market edge, which we, in turn, have been able to relay onto our customers with more refined and accurate pricing,” he continued.
Amanda Doran, Head of Business, Combined, QBE European Operations, also commented: “The role of the underwriter is evolving incredibly quickly, and it is vital that we are able to work smarter and optimise decision making with all available data and information sources.
“This in turn allows us to spend more time focussing on supporting our customers in the holistic management of their exposures.”
Richard Hartley, Chief Executive Officer (CEO) of Cytora, added: “It’s really exciting to work alongside companies like QBE who are committed to revolutionising the underwriting process to benefit its team and its customers. We believe AI underwriting is the future of the industry, and we’re thrilled to be working with QBE at the forefront of this transformation.”