InsurTech companies like Cytora are building productive partnerships with incumbent insurers, creating better experiences for customers and reducing costs.
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.
Richard Hartley, CEO of Cytora, gave his views on these topics during ‘The Use Of Artificial Intelligence In Business’ panel, held at the London Fintech Conference last week.
Other panellists included Giovanni Dapra, CEO of MoneyFarm, and Valentina Kristensen, Director of Communications at OakNorth.
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.
“Insurance exists to help people. We want to empower insurers to do that in a fast and frictionless way, enabling them to price risk more accurately while delivering a seamless buying experience to their customers.”
— Richard Hartley, CEO and Co-founder, Cytora
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.”