(Image source: Relativity6 website.)
Cytora (New York), the provider of a configurable platform that enables commercial insurers to process risks at greater efficiency and accuracy, has announced a partnership with Relativity6 (Cambridge, Mass.), a provider of industry classification modelling, which will enable Relativity6’s models to be used to enhance the underwriting process within Cytora.
The integration will provide commercial insurance underwriters a way to speed the processing of commercial quotes, according to a Cytora statement. The vendor explains that this is facilitated by turning data from freeform text into standard industry classifications. For example, text which read ‘this company is a flower shop’ would automatically be labelled retail. Automation of this process saves underwriters a significant amount of time, enabling them to provide the right cover, price and product to customers at a much faster rate.
Integration of data sources like Relativity6 directly into risk processing workflows enables insurers to digitise their core workflows, make better-informed decisions on risk and improve speed to market; enhancing broker and client experience, the Cytora statement says.
Cytora describes its platform as enabling insurers to operationalize data more broadly across their lines of business, including for risk clearance, onboarding and triage, and more effectively through their multi-step workflows from submission to quote, enabling underwriters to make faster, more informed decisions.
The integration with Relativity6 follows a period of significant growth for Cytora, and the launch of the latest enhancement to the platform, leveraging Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.
“At Cytora, our mission is to redefine workflows in the commercial insurance industry,” comments Juan de Castro, COO, Cytora. “Our partnership with Relativity6 and the integration of their trade attribution model into our platform represents a significant step towards achieving this goal. It equips insurers with a powerful resource for understanding and managing risks associated with businesses, allowing them to make more informed decisions and enhance their competitive position in the market.”
Adding Value to the Underwriting and Risk Assessment Process
“We are laser focused on finding, classifying, and monitoring private companies and providing underwriters with the most relevant, accurate, and reliable data,” says Josh Lurie, COO, Relativity6. “With over 60 leading carriers and MGA’s utilizing our proprietary industry technology we’ve proven that our platform can dramatically reduce premium leakage and increase profitability in P&C insurance. We are thrilled to add value to the users of Cytora’s platform and continue assisting in the underwriting and risk assessment process.”