’Insurers now have seamless access to real-time pricing data,’ says chief operating officer 

Insurtech Cytora has teamed up with pricing decision intelligence firm Hyperexponential to help improve underwriting decisions in the commercial insurance sector.

A statement released yesterday (4 July 2023) said the move would help decision making by basing pricing on real-time data.

The two firms also aim to reduce the quote turnaround time to minutes, not hours.

Juan de Castro, chief operating officer at Cytora, 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.”

How it works

The goal of the partnership is to provide commercial insurers with a more streamlined and informed understanding of risk.

Underwriters receive decision-ready risks that have been digitised and evaluated against an appetite and priority score by Cytora.

These risks will then be passed into Hyperexponential’s pricing decision intelligence platform hx Renew.

The platform then prices the risk without the need to rekey any data before making it available for underwriting and further analysis.

A quoting decision will then be able to be made.

“This level of underwriter augmentation and automation has historically been unachievable, but the combination of these two market leading tech providers is finally making it a reality,” according to a statement.

Richard Gunn, chief revenue officer at Hyperexponential, added: 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.”