Cytora using LLMs to enhance insurers' risk assessment and underwriting capabilities

Cytora has started to leverage large language models (LLMs) in a bid to bring accuracy and efficiency to both risk assessment and underwriting.

In a statement released yesterday (20 July 2023), the insurtech said the availability of LLMs alongside its artificial intelligence (AI) digital risk platform would allow for digitalised end-to-end underwriting.

It added that the use of LLMs in the Cytora platform should improve performance through new features.

The platform is used by insurers, including Allianz, Arch, Beazley and Markel International.

Richard Hartley, chief executive of Cytora, said: “We are excited to launch this latest enhancement to our platform. By providing risk specific LLMs that build upon our proprietary AI, Cytora enables underwriters to cut through the noise and reach decisions more efficiently and effectively.

“Our aim is to allow insurers to optimise their operations and stay ahead of the curve and by setting a new standard in the industry for data extraction, I am delighted that Cytora continues to do this.”

New features

Cytora said new features on its platform should enable commercial insurers to speed up digitisation by reducing the time taken for onboarding new lines of business and lifting automation levels.

New capabilities include a field builder, field management and chain of (risk) thought.

Field builder will allow risk professionals to add new fields directly from their configuration console, while field management allows them to standardise heterodox fields through approval workflow.

The insurtech said chain of (risk) thought “executes consistent multi-step reasoning, turning hard to fathom submission data into standardised customer data”.

Hartley added: “In an industry where data is key to driving decision making, these cutting-edge features are an important step in our mission to empower insurers with the tools they need to better manage risk in an ever-evolving landscape.”