(Image source: Cytora homepage.)
Cytora (London), a digital risk processing platform for commercial insurance, has launched its latest enhancement, leveraging large language models (LLMs), which the vendor says imparts a new level of accuracy and efficiency to risk assessment and underwriting processes. The vendor says the availability of LLMs alongside Cytora’s proprietary AI transforms digitisation performance across end-to-end underwriting workflows. The Cytora platform is deployed with industry-leading insurers like Allianz, Arch, Beazley and Markel International.
Richard Hartley, CEO, Cytora.
Cytora says that the use of LLMs in the platform uplifts performance through a host of new features that enable commercial insurers to accelerate digitisation by reducing the time to onboard new lines of business and lifting automation levels by enabling fields that have traditionally required interpretation by risk professionals to be easily standardised through an AI-powered approval workflow. These features enable insurers to digitise the full prebind workflow, provide more consistency on decisioning across the workflow and further uplift GWP / FTE, according to the vendor.
Cytora describes its new capabilities as follows:
Field builder enabling risk professionals to add new fields, building upon pretrained line-of-business templates across all lines of business in Commercial P&C and Specialty, directly from their configuration console.
Field management enables risk professionals to standardize heterodox fields through approval workflow enabling insurers to easily identify, manage and onboard new declarations.
Chain of (risk) thought executes consistent multi-step reasoning turning hard to fathom submission data into standardized customer data.
Field builder accelerates line of business onboarding, business users can quickly and easily add new fields on top of pretrained line of business templates directly from the Cytora console. This accelerates line of business configuration and reduces the time and effort to scale digitisation across diverse lines of business.
Field management standardises heterogeneous fields that historically have required lengthy interpretation by risk professionals. Cytora auto-matches heterodox fields to standardised lists based on similarity to unlock streamlined risk appetite, selection and pricing decisions. Customers receive automation lift in lines of business where heterogeneous fields—including declarations, business activity and property usage descriptions—are common.
Chain of thought interprets risk data enabling fields to be pieced together from heterogeneous data. Commercial insurers receive risk submissions using many different questions and are not in control of the data they receive. The heterogeneity of submissions requires multiple reasoning steps to be carried out before the right field is chosen to fulfil the insurers target schema. Chain of Thought thinks like a risk professional and consistently execute multi-step reasoning chains to power complex interpretation decisions, uplifting digitization accuracy.
Cutting through the Noise
“We are excited to launch this latest enhancement to our platform,” comments Richard Hartley, CEO, Cytora. “By providing risk specific LLMs that build upon our proprietary AI, Cytora enables underwriters to cut through the noise and reach decisions more efficiently and effectively.”
“In an industry where data is key to driving decision making, these cutting-edge features are an important step in our mission to empower insurers with the tools they need to better manage risk in an ever-evolving landscape,” Hartley adds. “Our aim is to allow insurers to optimise their operations and stay ahead of the curve, and by setting a new standard in the industry for data extraction, I am delighted that Cytora continues to do this.”