Hi and welcome. In this video we’ll discuss how Digital Risk Processing platforms can solve the complexities of data extraction, augmentation and digital risk flows in commercial insurance. 

‍

We’ll cover the functionalities and capabilities required for digitising and deploying digital risk flows effectively and provide insights into how these platforms facilitate a seamless and integrated process.

‍

As we mentioned in Module 1, traditional insurance underwriting involves various processes such as quoting, policy analysis and data extraction, which are often all handled separately. 

‍

This fragmented approach can often lead to inefficiencies, errors and delays. To address these challenges, it is essential for insurance organisations to adopt a digital risk flow system that integrates all these processes into a continuous journey from initial submission to claim handling.

‍

Digital Risk Processing platforms, like Cytora, are designed to streamline and enhance the entire underwriting process by digitising risk submissions and facilitating  seamless digital risk flows. 

‍

There are several key functionalities and capabilities these platforms offer:

‍

Cytora provides comprehensive Risk Digitisation with its ability to digitise all incoming risks, regardless of their origin or format, turning unstructured data into meaningful information that can be analysed and used purposefully. This data includes emails, broker portals, PDFs, structured documents and even handwritten documents. This digitisation process ensures that all relevant data is captured accurately and consistently.

‍

Beyond simply extracting data, Cytora augments the extracted data with additional information from internal and external sources. This enriched data provides underwriters with a more comprehensive, decision-ready view of the risk, enabling better decision-making.

‍

The digitised and augmented data is evaluated against multiple rules, including those for appetite and priority. As we explored in Module 1, this ensures that only risks with a high propensity to bind are presented to underwriters, saving time, resources and improving accuracy.

‍

These platforms route risks to downstream systems for either automated or manual decision-making. This flexibility allows insurers to balance efficiency with the need for human oversight where necessary.

‍

To ensure data accuracy and avoid duplication, data extraction platforms include a clearance process. This involves checking the company name, address and other key information against internal systems to validate the data and identify any existing policies or risks associated with the same insured entity.

‍

When choosing to deploy a digital risk flow solution, there are several critical factors to consider:

‍

It’s important to check that the chosen digital risk flow solution can integrate seamlessly with current underwriting systems and workflows which reduces disruption and enhances user adoption. The solution also needs to be able to handle large volumes of data, and scale with your organisation’s growth.

‍

As each insurer has unique requirements, a flexible solution that can be customised to meet specific needs is essential. The platform should allow for configuration based on your specific rules and processes.

‍Providing comprehensive training to underwriters and other users is crucial for the successful adoption of a digital risk flow solution. The platform should include user-friendly interfaces and ongoing support to ensure smooth implementation.

You should also regularly monitor the performance of the digital risk flow solution and gather feedback from users and use this feedback to make continuous improvements to the system, ensuring it remains effective and efficient.

Data extraction platforms transform the underwriting process from a series of discrete steps into a continuous journey. Each stage of the risk flow—submission, underwriting, quoting, policy issuance, and claims handling—is linked seamlessly to the next. This integrated approach ensures that data flows smoothly between stages, reducing errors and improving overall efficiency.

‍

Leveraging digital risk processing platforms provides a comprehensive and integrated solution to the complexities of data extraction and commercial insurance decision making. 

‍

By digitising risk submissions or claims, augmenting data, evaluating risks and facilitating automated and manual decision-making, these platforms enhance efficiency, accuracy and scalability while streamlining underwriting processes and achieving seamless digital risk flows.

‍