Learn how artificial intelligence can help insurers to underwrite faster and more accurately, and offer business owners fairer prices.
Changing customer expectations are driving irreversible changes across commercial insurance. The modern business owner expects to transact with their insurer seamlessly, digitally, and receive fair and transparent pricing for their cover.
With increased access to better risk management advice, conscientious business owners want their insurance premiums to reflects their true level of exposure. This presents significant challenges for the traditional commercial insurance model, where pricing decisions are often made using incomplete, sparse, or outdated information.
This is where AI can help.
Cytora’s AI analyses billions of data points to learn the patterns of good and bad risks over time, combining the digital footprint of every business with insurers’ internal data to generate a comprehensive risk profile. These insights equip underwriters with a truer reflection of the underlying exposure and enable them to deliver fairer and more accurate price to their customer.
Because our AI integrates into automated workstreams, insurers can design and launch digital products that satisfy the needs of every customer, underwrite faster and more accurately, and offer business owners fairer prices.
We’ve found one of the easiest ways to describe this is to visualise it, so we created a visual guide. The guide aims to demystify how artificial intelligence is transforming commercial underwriting, helping insurers differentiate risk more precisely and delivering fairer prices to their customers.