4 Jul 2023
Real time commercial insurance pricing integrated with digital risk flows
Cytora, the digital risk processing platform, and hyperexponential, the pricing decision intelligence company, have partnered to provide commercial insurers with a more streamlined and informed understanding of risk. The move improves underwriting decisions by basing pricing on real-time data and driving profitable growth.
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, at a click of a button. 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.
This level of underwriter augmentation and automation has historically been unachievable but the combination of these two market leading tech providers is finally making it a reality.
Richard Gunn, CRO at hyperexponential, said: “Our mission at hyperexponential is to accelerate and enrich the critical pricing decisions faced by professionals across the insurance sector. This partnership with a like-minded team at Cytora paves the way for the speed and efficiency which we have always believed is at the heart of successful modern insurance businesses. We look forward to working with our customers so they can benefit from this exciting new collaboration.”
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.”
The partnership builds on a growing ecosystem of data and insight providers pre-integrated into the Cytora and hx Renew platforms enabling an integrated end-to-end customer journey and strengthening the entire value chain.