Risk Flow Digest

Welcome to the March edition of Cytora’s Risk Flow Digest, where we share best practices on how insurers can digitize and optimize their risk processing workflows.

Cytora engaged by Chubb to enhance claims automation

We are pleased to announce our partnership with Chubb, one of the world’s largest and most successful global insurers. The partnership enables Chubb to digitize and streamline their claims intake, enhance straight-through processing, and reduce expenses while elevating the overall experience for claims professionals, brokers, and clients alike. With a focus on realizing Chubb's vision of growing premiums with minimal marginal costs throughout the risk lifecycle and across all lines of business, this partnership marks an exciting chapter in our shared commitment to excellence in digital risk flows. Read the press release here.

Cytora Product Updates: File Service & Multimodal Capabilities

We are pleased to announce the availability of a suite of new features in the Cytora platform:

File service - It offers a centralized API for creating and interacting with risk submissions. The new updates include file conversion and markdowns, document splitting and chunking and deeper integration with OCR engines. In addition to significantly streamlining document processing configuration within workflows, it can also now be consumed independently of workflow.

Multimodal capabilities - the LLM powered Digitize layer now uses dual text and image modes when classifying documents:

• Wider file support: Ability to classify documents that only contain images.
• Greater resilience: Multimodal classification is more resilient to variations in document quality, as it can rely on multiple sources of information.
• Enhanced Context Understanding: Combining text and image analysis allows the LLM to better understand the context and layout of documents, leading to more accurate classifications.
• Handling Complex Documents: Multimodal classification is particularly beneficial for complex documents that contain a mix of text, images, tables, and other visual elements.

Event Recap: “The Future of Underwriting has Arrived in New York” & Cytora After Party

It was great to see so many leading global insurers last week in New York for our sold-out event “The Future of Underwriting has Arrived” hosted in partnership with Google and InsTech. It was an insightful day with panel discussions featuring insurance leaders from Allianz, Tokio Marine and Zurich to name a few, tackling some important topics including the use of AI in underwriting automation as well as real life use cases and examples of how global insurance organizations can use risk digitization platforms to streamline and optimize their risk flows. Following the main event the excitement continued at Cytora’s exclusive “After Party” at Catch NY - delicious insurance-themed cocktails, great food and live caricature drawing made it an unforgettable evening. Thank you to everyone who joined us!

Making Risk Flow - Why Service is the Secret to Tripling Growth in Insurance

In this month’s episode of Making Risk Flow Cytora’s Juan de Castro and Markel UK’s Neil Galjaard share insights on why great broker service is key to a successful specialty insurance business. Neil argues that superior broker service transcends mere responsiveness to broker requests; it entails providing expert support to brokers and offering value-added services to customers. In the episode, he also explains how enhancing operational efficiency can enable this superior broker service, liberating underwriters from manual tasks and allowing them to spend more time assisting brokers effectively.

Listen to the full episode here.

Webinar: Accelerating the Digital Shift: How to streamline commercial Insurance processes?

Join our upcoming webinar to explore the transformative digital adoption curve reshaping commercial insurance underwriting. Gain practical insights into automation, from research and data structuring to tools for streamlining processes. Industry experts from Veridion and Cytora will share firsthand experiences and strategies for overcoming challenges such as legacy databases and data cleanup. Discover how to trust third-party insurance data, navigate data quality definitions, and optimize integration into workflows. Don't miss this chance to stay ahead in the evolving landscape of insurance automation.?

Register here to secure your spot.

Techsalerator joined the Cytora data ecosystem

This month, Cytora welcomed a new addition to its ecosystem of data and insights providers: Techsalerator, one of the largest data resources globally, boasting information on over 320 million businesses and more than 2 billion consumers across 144 countries. This partnership will empower underwriters to seamlessly integrate firmographic, financial, ESG, and KYC data into their risk assessment processes. Through this integration, essential business data points will flow directly into Cytora’s risk processing platform. This unified approach enables insurers to streamline their risk data, digitize core workflows, and make better-informed decisions, enhancing speed to market and overall risk management capabilities.

Read the full press release here.?