The partnership aims to provide insurers with a more streamlined and informed understanding of risk by integrating real-time commercial insurance pricing with digital risk flows.
According to reports, the platform partnership significantly reduces the time required for underwriters to make decisions on risks they wish to underwrite. Quote turnaround time is reduced from hours to mere minutes, enabling faster and more efficient underwriting processes.
Underwriters will now receive digitised and pre-evaluated risks, which have been assessed against appetite and priority scores by Cytora. These risks seamlessly flow into hyperexponential’s pricing decision intelligence platform, hx Renew, with a simple click of a button. Using hx Renew, the fully digitised and evaluated risks are priced without the need for manual data re-entry. Underwriters can then analyse the risks further before making quoting decisions.
This level of underwriter augmentation and automation has been an elusive goal until now, but the partnership between Cytora and hyperexponential finally brings it to fruition.
Richard Gunn, Chief Revenue Officer at hyperexponential, expressed excitement about the collaboration. He said: “Our mission at hyperexponential is to accelerate and enrich the critical pricing decisions faced by professionals across the insurance sector. This partnership with a like-minded team at Cytora paves the way for the speed and efficiency which we have always believed is at the heart of successful modern insurance businesses. We look forward to working with our customers so they can benefit from this exciting new collaboration.”
Cytora’s customers will benefit from embedded price adequacy within their priority rules, providing insights into the pricing and complexity of each risk for more informed underwriting decisions. Combined with hyperexponential’s pricing decision intelligence platform, insurers can now streamline their risk streams with accurate pricing data, leading to reduced administrative costs.
Juan de Castro, Chief Operating Officer at Cytora, highlighted the seamless access to hyperexponential’s real-time pricing data within Cytora’s data ecosystem. He said: “With this new integration insurers now have seamless access to hyperexponential’s real-time pricing data within Cytora’s data ecosystem. This allows insurers to operationalise at the flip of a switch hyperexponential’s data within their underwriting workflows, driving superior evaluation and quotation of a risk.”
The partnership between Cytora and hyperexponential contributes to an expanding ecosystem of data and insight providers integrated into the Cytora and hx Renew platforms. This integration enhances the end-to-end customer journey and strengthens the entire value chain.
Source: Cytora
