The reason why this matters is because insurers are not in control of the data they receive. And they exist in a marketplace where there are many, many clients, there are many, many brokers, and there are many insurers. And that means inherently risk data is heterogeneous and it is not standardized. And that’s why you ultimately need technology to understand risk information, interpret it, digitize it, standardize it, turn it into a format that’s unique to your view of risk and then enable decisions off the back of that.
Introduction
From episodes 68, 227 and now episode 299, InsTech has consistently caught up with Cytora and followed the company’s growth and expansion.
Alongside Google, Cytora supported InsTech’s March event in New York, after which Matthew Grant caught up with Richard Hartley on the company’s growth, entering the US market and its impact on the insurance industry.
Cytora focuses on data integration, partnering with numerous data providers to enhance the underwriter’s workflow and ultimately transform manual insurance processes into digital ones.
Key Talking Points
- Developing the vision as the technology develops
- Digitizing risk – rendering it decision read
- Collating the team – collaging different backgrounds in Cytora
- Case studies – real-life examples of how Cytora helps carriers including Markel and Allianz
- Heterogenous data in a homogenous view – ecosystems
- Judgement and data – subjectivity
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This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Describe how by partnering with different data sources, a platform provider can help an underwriter understand their data in a simpler, unified way
- Define what digitization of the insurance industry is and what it could look like
- Identify how platforms can help underwriters save time and focus on what they do best
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