Cytora, a digital risk processing platform, and hyperexponential, an innovative pricing decision intelligence firm, have inked a partnership.
The collaboration aims to offer commercial insurers a more intuitive and streamlined understanding of risk, enhancing underwriting decisions through the use of real-time data, and fueling profitable growth.
The partnership comes as a robust solution to lengthy underwriting decision times, curtailing the quote turnaround time from hours to mere minutes. It is poised to enhance the efficiency of underwriting processes by combining the strengths of the two tech powerhouses.
Cytora, with its groundbreaking risk digitisation technology, assesses risks against predefined appetite and priority scores. Once processed, the decision-ready risks are handed over to hyperexponential’s cutting-edge pricing decision intelligence platform, hx Renew. No additional data rekeying is required. With the risk fully evaluated and digitised, it is priced by hx Renew and then made ready for underwriting and further analysis. This marks the inception of a seamless and efficient underwriting process, a feat that seemed unattainable not long ago.
Adding to the benefits of the partnership, Cytora’s clients will now enjoy insights into the price and complexity of each risk for a more informed underwriting process. Furthermore, the integration of hyperexponential’s pricing decision intelligence platform promises to accelerate straight-through-processing risk streams with precise pricing data, further reducing administrative costs.
Hyperexponential’s CRO, Richard Gunn, reflected on the significance of the partnership. 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.”
COO at Cytora, Juan de Castro, also expressed enthusiasm for the integration. He stated, “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.”
Ultimately, this partnership creates a growing ecosystem of data and insight providers, pre-integrated into the Cytora and hx Renew platforms. It promises to bolster an integrated end-to-end customer journey and fortify the entire value chain of the insurance industry.
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