Specialty insurer Markel has announced that it has experienced a 113% increase in productivity for its underwriting team due to its partnership with InsurTech Cytora.
Cytora partnered with Markel back in 2021, and in a move designed to bolster their underwriting division.
According to the firm, as well as increasing productivity, the partnership has led to a reduction in quote turnaround times for Markel’s strategic partners from an average of one day to just two hours.
Neil Galjaard, Managing Director of Markel, commented, “We are committed to giving brokers and clients enhanced service levels and Cytora has been a foundational partner helping us to effectively grow our scale and enable our underwriters to provide enhanced service to customers and brokers.
“We are now deepening our partnership with Cytora to build on the success we have achieved to date and are excited about creating further value for our brokers and clients in this next phase.”
Before working with Cytora, Markel estimated that its underwriters spent 30% of their time on low-skill and value tasks.
Senior underwriters had to assess every incoming submission and route them to the appropriate underwriter. This prevented these skilled team members from dedicating more time to more complex risks or managing broker relationships.
Richard Hartley, CEO and Co-founder of Cytora, said, “Markel is a leading example of an insurer embracing the latest technology to revolutionise its business.
“We know that AI-driven Digital Risk Processing has the capacity to transform organisations by vastly improving efficiency and freeing employees up to do much higher value work.
“Our partnership with Markel is a clear example of this in action – the productivity increases are significant. It underscores what can be achieved when insurers invest in digitising their underwriting workflows.”
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