Insurance company QBE has expanded its relationship with Cytora in a bid to boost its data-driven business insurance capabilities.
After a successful pilot, QBE has started to use Cytoraâ€™s Risk Engine technology to enhance its underwriting decisions in its commercial portfolio. The AI-powered solution will help give better insights into risks and offer more tailored products for customers.
QBE Australia also revealed it is planning to deploy the Cytora Risk Engine in 2019, to better serve customers in the country.
Cytora Risk Engine studies good and bad risks and combines it with the digital footprint of all businesses with insurersâ€™ internal data in order to create a risk profile and score for business and commercial properties.
Access to this data, and QBEâ€™s historic data, empowers underwriters with better visibility into risk factors and understanding of all submissions. This leads to improved conversion, retention and lower loss ratios.
Through this partnership, QBE underwriters in the UK will gain access to Cytora risk scores for Property and Real Estate, giving UK customers the ability to purchase cover quicker and more effectively.
QBE European Operations director of property Matt Roles said, â€œOur UK underwriters have embraced Cytoraâ€™s technology and data to enhance their decision-making when pricing risks â€“ both for renewal and new clients. This has given QBE a competitive market edge, which we, in turn, have been able to relay onto our customers with more refined and accurate pricing.â€
The insurer initially invested into Cytora in 2017, and since then, have been working together to develop new solutions.
Late last year, QBE extended another one of its partnerships, bolstering its work with AI-powered solution developer CLARA analytics.
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