Technology startups continue to leverage artificial intelligence (AI) to increase efficiencies in banking and insurance, creating better experiences for customers and enabling incumbents to reduce costs and bring new products to market.
The panel agreed that consumers today expect fast and seamless transactions across every channel, and incumbents’ ability to adapt and deliver on these expectations will determine the size of their future share in the industries they operate in.
InsurTech’s edge remains in its focus on using AI and new data sources to solve industry-specific problems, building defensible solutions that incumbents lack the expertise and digital capabilities to replicate.
“We have spent years refining our technology, ingesting data from a huge variety of sources to build a population-scale view of risk. This means that every insurable risk is known and ranked according to future probability of loss,” said Hartley.
“Cytora is focused on bringing this data advantage to commercial underwriting, enabling insurers achieve a better loss ratio and much fairer pricing for the customer.”