Connecting the technology stack to accelerate workflows in commercial insurance

By Juan de Castro, CCO / COO, Cytora

There is growing consensus about the value of digital risk flows that enable underwriters to focus their capacity on decision-ready risks. A core ingredient to achieve this is digitising risk as early as possible in the process and connecting downstream systems to unify data flows and eliminate rekeying.

In a recent webinar hosted by Sapiens and Instech London and involving Friss and Earnix, our COO / CCO Juan de Castro discussed with industry experts the importance of unifying workflows and enabling automated data flows.

Digital risk flows

As insurance companies become more digital the importance of easily connecting the technology stack becomes more important. Insurance involves the interaction of many specific activities across different workflows that require best of breed solutions.

As Sapiens outline:

Often times, the solution for the insurer is not found in one comprehensive core system. It requires coordinating a variety of moving parts by working with a solution that is digitally enabled, flexible, [part of an] open partner ecosystem [and] expandable and scalable

Unifying systems

Platforms like Cytora that digitally process the risk intake need to be able to easily integrate with upstream and downstream systems so that insurers can unify their end-to-end data flow, remove siloes and maximise the comprehensiveness and granularity of data captured across the risk lifecycle. 

Upstream submissions need to be collected from multiple intake points – for example, email systems, broker platforms and portals. Downstream; risk information needs to be routed – consistent with the target schema – into data platforms, CRMs, underwriting workbenches and policy administration systems like Sapiens.

Cytora, for example, has a library of connectors that collect risks from multiple intake points and route digitized risks to downstream systems.

Importance of configurability

Configurability is important: insurers need to be able to define what data fields they want to send to specific downstream systems. For example, send all available data fields to the data platform but just a subset of data fields to the workbench to avoid overloading underwriters with data not required for decision making.

Configuring how data differentially flows to downstream systems requires rules to be easily encoded in platforms that integrate multiple internal and external sources and process the risk intake.

Overall connecting systems together so that risk flows digitally is incredibly valuable: it reduces the need to rekey data into multiple systems, ensures end-to-end data integrity and crucially unlocks the ability of insurers to capture more data without absorbing more underwriting capacity.

Underwriters benefit because processing risk digitally means they can spend more time underwriting, achieving higher decision quality with less time rekeying.

A big thank you to Sapiens, Tim Crossley and Matthew Grant for organising the discussion. We’re looking forward to learning and sharing at the next event – watch this space for more information.