Risk Flow Digest

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

Limited spaces left for the ‘The Future of Underwriting has arrived in New York’ - 14 March

We’re looking forward to welcoming leading carriers at the upcoming Instech and Cytora’s exclusive event in New York on March 14 2024. Join us to discover how top insurers are elevating the underwriting experience through the power of digitization, learn how to accelerate your transformation process and connect with fellow industry leaders. The event will be hosted in partnership with hyperexponential, Guidewire, Google Cloud and Kroll. Very few places left, register your interest here to secure your spot!

Making Risk Flow - The Softening Market: Challenges and Opportunities for Insurance?

In this month’s episode of Making Risk Flow Cytora’s Juan de Castro and EY’s James Anderson discuss early signs of the upcoming softening of the market, how insurers can prepare themselves and what learnings can they draw from the previous cycle shifts. James, an experienced actuary turned consultant, shares valuable insights on the use of analytics and technology to drive business improvement. Juan and James also cover the importance of rate adequacy and improving technical pricing capabilities, and the significance of culture and compensation in aligning underwriters' behaviour with company goals.

Listen to the full episode here.

Viewpoint: AI and insurance in an evolving landscape

Artificial intelligence is revolutionizing the insurance industry, catalyzing profound shifts in operational frameworks and fundamentally altering traditional methodologies. Generative AI, in particular, is driving enhancements in operational efficiency and risk assessment. Yet, despite these advancements, the true extent of AI's transformative potential within the sector remains largely uncharted territory. In a recent interview for Insurance Day Cytora CEO Richard Hartley commented: "We can expect the pace of AI development in the future to continue, if not accelerate further, and there are a number of key trends that I think we are likely to see shaping the use of AI in this sector in the year ahead."

Read the full article here.

On-demand Webinar: Overcoming data overload: the tools underwriters need to get the job done

Whether in the US, the UK or anywhere in the world underwriters are overwhelmed by information and undermined by fragmented systems and processes. Too much time is spent on manually reviewing submissions that are hard to price accurately. Systems and workflows that enable rapid, accurate decisions are key to growing premiums and underwriting more profitably. In advance of our event in New York on 14th March we've explored best practices from leading underwriters.?

Watch webinar recording here.