XL Catlin’s internal innovation team, Accelerate, today announced it is working with Cytora, a UK-based Insurtech start-up that uses artificial intelligence (AI) and open source data to improve the way insurers quantify, select and price risk.
Cytora has been shortlisted for best AI/machine learning provider in the 2017 V3 Technology Awards.
Following the investment in January of this year, Cytora has provided its services to three major insurers and will be expanding internationally.
The Cytora ‘Risk Engine’ uses machine learning algorithms to continuously extract and analyse billions of data points, enabling insurers to manage loss ratios driven by a population-scale view of commercial risk.
The future of technology is fixated on intertwining the virtual world with the physical world. Digital sensors now sit in billions of cars, buildings, and wearable devices globally, continuously transmitting data to facilitate an endless stream of transactions, decisions and opportunities.
Cytora, the leading data analytics company that uses machine learning and unstructured web data to help insurers quantify, select and price risk, has appointed Richard Gibson as non-executive Chairman this month. Richard will work closely with Cytora's leadership team to support the company's rapid growth plans in the insurance sector for 2017.
Richard played a key role in the growth of Swiftkey (acquired by Microsoft), as CFO, and more recently as Executive Chairman. His contribution to the growth of SwiftKey was recognised when he won the award as the Private Company FD at the FD Excellence Awards in association with the IACEW and CBI in 2014.
Richard led the investment rounds for SwiftKey, raising tens of millions of dollars from leading VCs Accel Partners (San Francisco), Index Ventures and Octopus Investments.
Richard Gibson said "I'm delighted to be working with Cytora. They have a fantastic technology and approach to building their business. It's a great opportunity to be working with a talented team as they look to disrupt the insurance market."
Three year old AI startup Cytora has raised £2.4m in Series A funding in a round led by Parkwalk.Cambridge Enterprise, iLexIR and a high-profile group of angels including Alan Morgan, Paul Forster and Matthew Grant, also participated in the round.
Cytora, the leading data analytics company that uses machine learning and unstructured web data to help insurers quantify, select and price risk, has added Professor Ted Briscoe to their scientific advisory board earlier this month.
Ted will play a key role in advancing Cytora's approach to understanding commercial risk by leveraging unstructured web data, along with fellow University of Cambridge professor Bill Byrne, who also joined the company recently.
Ted is the professor of computational linguistics at the University of Cambridge and the inaugural director of the Alta Institute, which conducts research into automated language teaching and assessment. He has published over 100 research articles and three books in the areas of automated speech and language processing.
Ted was senior editor of the journal Computer Speech and Language for 15 years and is co-founder and CEO of iLexIR Ltd., a consultancy and technology provider specialising in language processing applications. In 2009, iLexIR spun-out Swiftkey, maker of the world's most popular predictive keyboard for smartphones. In 2013, he co-founded English Language iTutoring Ltd and is its chief scientist.
Ted Briscoe said "Utilising the latest innovations in deep learning and natural language processing, Cytora can gauge risk in anything from insurance underwriting to your daily commute. It's exciting to be working with such a talented and passionate team."
Cytora, the leading data analytics company that uses machine learning and unstructured web data to help insurers quantify, select and price risk,have announced that Bill Byrne, professor of information engineering at the University of Cambridge, will join their scientific advisory board this month.
This announcement comes shortly after the company's decision to apply their machine learning technology to commercial insurance to enhance underwriting and risk management.
Bill will work closely with Cytora's data science and engineering teams to advance their approach to risk modelling using machine learning algorithms.
Bill's research is in the statistical modelling of speech and language with a particular focus on machine translation. He teaches undergraduate and graduate courses in information engineering and language technology and is Course Director of the new Cambridge MPhil in Machine Learning, Speech, and Language Technology. Bill has also been involved in several successful start-ups in speech synthesis and recognition, and he is currently Senior Research Scientist and Director UK R&D Office for SDL plc, one of the world’s largest providers of machine translation and localisation services.
Bill Byrne said "‘Modelling risk is a fascinating technical problem and I have spent much of my research career developing risk-based approaches for language processing. I’m very excited by the opportunity to work with Cytora to apply machine learning and data science models to model risk in commercial insurance."