Building the future of commercial underwriting
Back in June, we partnered with Deloitte to produce ‘Building the future of commercial underwriting’, an event for insurance leaders to discuss how artificial intelligence is transforming efficiency, accuracy, and customer experiences across insurance.
During the event, our CEO, Richard Hartley, gave the audience an exclusive demo of Cytora’s latest product offering (launching late July), Automated Underwriting for SME insurance. The demo illustrates how insurers can build a completely automated quotation platform using Cytora’s APIs, enabling customers to buy insurance in minutes, asking only four questions to quote.
Other speakers included Jack Whalley, Senior Manager, Insurance Strategy and Operations, Deloitte, and Nigel Walsh, Partner, Deloitte Digital.
Key themes from the session were:
Don’t focus on deploying a specific technology, focus on the business problem you need to solve first.
Focus on your main objective. Are you trying to go into new markets? Are you trying to cleanse and protect your existing book? Are you looking for cost savings? You can’t do them all at once, pick your most important objective and go after that first, and then you can figure out the best solution. Targeted partnerships will help you on that journey.
Jack Whalley, Senior Manager, Insurance Strategy and Operations, Deloitte
Watch Jack’s presentation below, and download the slides here.
Utilise technology to remove friction and enable better customer experiences
The big change we are seeing is that underwriters are focusing more on making decisions, and low-level tasks like data retrieval and assembly are being automated. This removes a lot of friction from the underwriting process…it also enables the shortest possible underwriting cycle, the sharpest possible risk differentiation, and consistency of decision making over time.
Richard Hartley, CEO, Cytora
Watch Richard’s presentation below, and download the slides here.
Build the plan, test it, get started, learn, change direction, test again
The time to act is now. Enough evidence exists that change is happening, and it’s clear we will end up in a world of haves and have nots. Access to external data has never been easier, nor will get any more difficult.
Nigel Walsh, Director, Deloitte
Watch Nigel’s presentation below and access the slides here.