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Sometimes asking the right questions is more important than the answer. So we were pleased to read a recent Instech London report, which asked: What information do insurers need when underwriting and managing their exposure to risks?How is information obtained, what is the current âstate of the artâ, and where are the gaps?Where in the workflow does this information and analytics fit, and how is it used within existing systems?The report considers applications mostly for property insurance. But these questions are vitally important across all mid-market commercial lines, from marine to specialty to P&C. In this case, getting the right answer to these questions will mark the difference between the top quartile performers in commercial insurance over the next decade. So this blogcast looks at them in more detail.
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Youâve probably heard a lot of talk about the gap that exists between underwriting strategy and frontline execution in recent months. Insurers are becoming more and more concerned about the disconnect between their target portfolio, and whatâs actually happening on the underwriting frontline. Because most risks, still need to be processed manually. So what do the experts have to say on the issue? We asked three insurance leaders to share their views, and outline where the opportunity lies for the future.
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Find out how to tackle the gap between underwriting strategy and frontline execution, and how to accelerate growth by ensuring underwriters solely focus on risks that are aligned to strategy, in-appetite, and are winnable.
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Technology and data have changed the world. Weâve all experienced that evolution in some form - when hailing a taxi, paying our bills, applying for jobs or communicating with friends and family. Insurance is no exception. And while thereâs still some way to go in providing commercial customers a truly digital experience, we have seen great strides in data and technology to support the underwriting process. Accurate data can help with risk selection, fraud detection and pricing. But according to a recent Instech London and Sapiens event, data alone is not enough. Information needs to be fully integrated into the underwriting and business workflow, and be credible and validated.We recap the key themes that came from this event, and share our thoughts on building an effective partner ecosystem.
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What do Lemonade, President Eisenhower and embedded insurance have in common? Answer: they all feature - to varying degrees - in this yearâs Oxbow Partners InsurTech Impact 25 report. The fourth edition, based on six months of analysis, outlines the trends that are shaping insurance and provides three actions executives should take in the digital decade ahead.In this Blogcast, we give our perspective on one of the key trends outlined in the article â the underwriter of the future.
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There has been much debate in recent years about the winners and losers in commercial insurance - which was the topic of debate at the latest TLA insurtech working group. Here, we recap learnings about the changes in commercial insurance today, where to find the real potential for disruption, and how innovators are engaging with incumbents to change existing business models. You can read Juan's blog in full on the Cytora website.
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At Cytora, we spent some time understanding how to ensure people have the best possible opportunity to practice self-care and focus on their own mental and physical wellbeing in today's new world of work.
We share our learnings with you in the latest blogcast.
You can read Holly's original blog in full on the Cytora website. -
To coincide with this year's International Women's Day, Cytora's Kyrsten McCartney spoke to Insurance Times about diversity and inclusion in insurance.
Here, she tells us why a diverse workforce is so important in the industry and outlines how insurers can actively support people from different backgrounds to drive a more relevant and effective output.
You can read Kyrsten's blog in full on the Cytora website. -
As we closed out 2020, global commercial insurers saw yet another round of price increases, according to reports from Marsh and WTW. And the findings reveal more fundamental issues being faced by the market today. Cytora's Richard Hartley explains how in today's environment, smart insurers can generate a significant volume of profitable new business by using platforms to digitise submissions and renewals. You can read Richard's blog in full on the Cytora website.
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There's a great irony that for all the flexibility that remote working has given us, many people around the world have been unable to leave the house due to Lockdown.
But that hasn’t stopped us from seeing the benefits that remote work brings and learning from our experiences so far.
Cytora's Tom Coward explains why we made the permanent move to remote-first, the impact we've seen to date and learnings from implementation so far.
You can read Tom's blog in full on the Cytora website. -
Thomas Huerlimann is one of the most influential names in global (re)insurance and technology today. Thatâs why weâre delighted to announce that Thomas is joining Cytoraâs advisory board, bringing 30 years of experience to support us with our ambitious growth plans. With such depth of experience, we asked Thomas to explain where the opportunity lies for commercial insurers today. Hint: itâs all about the customer. Listen to the blogcast or read the blog in full on the Cytora website.
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Cytora's Juan de Castro spoke on a recent event on how to accelerate underwriting profitability through automation, alongside experts from Prudential International and Liberty Mutual Insurance. Here, we share key takeaways from that panel, with insights across large commercial, mid-market and life/health insurance.You can read Juan's blog in full on the Cytora website.
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Today, insurance faces an agonising productivity problem, and we donât seem to be getting any closer to solving it. Operational costs continue to rise, the industry as a whole is in the red by average economic profit, and overall productivity hasnât increased in the last ten years.But what if there was a way for insurers to increase the number of profitable policies bound, without having to add any additional underwriting capacity? The good news is, itâs not just speculation. Itâs now possible using technology that can digitally stream risk. Cytora's Max Pepe explains all in our latest blogcast.You can read Max's blog in full on the Cytora website.
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Knowledge is power. Information is beautiful. And commercial insurance is ripe for transformation. These three aphorisms can all be applied to recent research from Intelligent Insurer, which surveyed 300+ commercial insurers to see which technologies they are investing in, which functional areas are most impacted by tech, and which lines of business stand to benefit most. Here, we outline our top five findings from the research. You can read the blog in full and download the infographic on the Cytora website.
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Itâs often said that when we surround ourselves with great people, they challenge us to be our best selves. Weâre delighted to be welcoming one of these great people to Cytora, as Kelly Lyles - former Chief Executive, Client and Country Management at AXA XL - becomes the newest member of our advisory board. We had the pleasure of speaking to Kelly about her career to date, the challenges facing underwriting teams and CUOs today, along with the impact of technology across the insurance value chain.You can also read the Q&A on the Cytora website.
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Welcome to the third and final piece in our industry predictions series for 2021. In previous posts, you heard from ten experts about what the future holds for insurance in the coming year. In this third part, five more experts tell us whatâs to come this year in insurance and technology, with contributions from: Thomas Huerlimann, Non-executive Director at Hiscox, former CEO of Zurich Global CorporateRichard Hartley, CEO, Cytora John Andrews, former Head of Delegated Authority & MGA Underwriting, Dale Underwriting Partners, former Head of Property, Arch InsuranceMatthew Grant, Partner, Instech LondonKelly Lyles, former Chief Executive, Client and Country Management at AXA XLYou can read the blog in full on the Cytora website.
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Welcome back to the latest in our series on what the future holds for insurance in 2021. In this second part, we hear from five more experts about whatâs to come this year in insurance and technology, with contributions from: James Orchard, CEO, QBE VenturesFarooq Hanif, Head of Insurance Equity Research, Credit Suisse Annabel Venner, former CMO, Hiscox William Hawkins, Director of Research - Europe, Keefe, Bruyette & WoodsSherdin Omar, Pricing & Analytics ConsultantYou can read the blog in full on the Cytora website. Watch this space for part three, coming soon!
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As we move into a new calendar year, itâs normal procedure to reflect on the previous twelve months and anticipate how industries and technologies will evolve in the coming year. But the year 2020 was unlike any other. And normal procedures no longer apply. So what do the experts believe the future holds for insurance? Weâve asked five industry pros for their views on whatâs to come in 2021 and beyond. In the first blogcast of the series, we hear from:James York, Co-Chair, Insurtech UK Paolo Cuomo, Director of Operations, Brit InsuranceAdrian Brown, former COO at the Ardonagh Group, former CEO at RSAConor Finn, insurance consultant, former Head of Property, Antares UnderwritingKyrsten McCartney, Product Design and Research Manager, CytoraYou can read the blog in full on the Cytora website.
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More so than ever, productivity and growth are well and truly under the microscope in insurance. With employees all over the world now working remotely, important questions have emerged among leadership teams around how to maintain pre-pandemic levels of productivity - and how to win in an increasingly competitive market.In a recent Insurtech Insights webinar, Cytora's Juan de Castro explored this in detail alongside experts from AIG and Descartes Underwriting. By implementing AI and building a bionic team today, you could gift underwriters the capacity to focus on the tasks that can drive real value and set insurers up for future success. You can read Juan's blog in full on the Cytora website.
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Customer Relationship Management systems are commonplace in insurance. And according to Cytora's Emma McGovern, they are an excellent source of untapped growth.
Emma explains how insurers can use CRMs to process and prioritise high value opportunities, while flagging opportunities that are out of appetite, or deemed lower value based on underwriting strategy.
You can read Emma's blog in full on the Cytora website. - Mehr anzeigen
