1. Forward-thinking insurers are investing in AI and digital risk processing technologies to streamline risk workflows and have consistent control over risk selection and decision-making.
2. Cytora’s SaaS platform helps insurers digitize, automate, and streamline their core workflows to boost underwriting productivity, accelerate broker responsiveness, and improve profitability.
3. Cytora’s risk digitalization layer is based on adaptable natural language understanding, risk taxonomy-driven digitization, and chain-of-thought risk understanding to provide insurers with a competitive edge in risk processing.
The insurance industry values speed, convenience, and consistent control over risk selection and decision-making, leading many insurers to invest in AI and digital risk processing technologies. These investments help insurers identify and choose risks to quote, align with their risk appetite, and reduce response times to broker requests. Cytora, a startup specializing in AI for insurers, helps streamline workflows and optimize underwriting productivity.
Using Google Cloud’s generative AI foundation models, Cytora has implemented risk digitization to automatically parse and evaluate information from various sources and formats. This transformation enables insurers to receive decision-ready risks with streamlined quotation workflows, promoting efficiency and consistency in underwriting. By automating the understanding and semantic matching of broker questions to internal risk criteria, Cytora improves the accuracy and speed of risk workflow automation.
Cytora’s risk digitalization layer is supported by adaptable natural language understanding, a risk taxonomy-driven digitization approach, and chain-of-thought risk understanding techniques. Leveraging Vertex AI technologies, such as PaLM 2 and Gecko text embeddings, Cytora enhances its platform’s performance and accuracy. These advancements in AI enable insurers to gain a competitive edge through improved risk assessment, automation, and decision-making processes.