ProductWriter is currently used by two thirds of the UK General Insurance market including Insurers, MGAs, Brokers and Insurtechs as a product build and rating solution. Through the integration, ProductWriter clients can now benefit from Cytora’s data enrichment capabilities to gain a more accurate view of risk, in turn creating efficiency and greater certainty in the underwriting process.
UK based Cytora offers an AI powered solution supported by various public and proprietary data, consisting of property and commercial risk data. The solution sources real-time data and provides a score based on the level of risk. This risk scoring ranges from grade A to F and is used in conjunction with ProductWriter to influence the ratings in real-time, before issuing quotes.
This use of data means our users can build up a more accurate view of their customers risk instantaneously. It also aims to eliminate inaccuracies, remove manual management and notably speed up the underwriting process whilst giving insurers credible insight into previously unknown factors.
Richard Hartley, Chief Executive and Cytora said “Some of the world’s leading insurers are already benefiting from Cytora’s platform to enrich and speed up their underwriting and pricing decisions.
“Working with Polaris makes it easy for insurers and MGAs to access our insights from an already familiar platform. We are really pleased to see an industry-owned body committed to making it easier for Insurtechs and existing market participants to work together and look forward to seeing the partnership grow.”
Polaris MD Vivek Banga added “Our core remit is to develop technology that benefits the whole industry. Creating an interface between ProductWriter and Cytora makes it easier for insurers to access emerging innovation in commercial lines risk assessment, while continuing to use their existing technology for the bulk of their rating decisions.
“Insurance has always been a data-heavy industry and data enrichment technologies have been around for a few years, however it’s what you do with the data that counts.
“We are committed to making it easier for ProductWriter customers to quickly access emerging technologies in better risk selection so that they can focus on the insights that such technologies can provide to support better and faster underwriting decisions.”
Contact Martin Thornhill – [email protected] to find out more about the Cytora integration and how it can speed up your underwriting.