The insurer seeks to streamline its global risk processing and reduce costs.
It seeks to build a “scalable, digital and data-driven” business with AI-based risk processing.
Maximum growth with minimal effort is a seductive thought. Many assume, however, that it couldn’t possibly be a reality. From prospecting for new business, to the laborious onboarding of new business risks and then the extra resource required to manage the new client base, insurers can be wary of the investment needed in terms of time and money.
The insurer hopes to increase its capacity in specialist risk segments and accelerate profitable growth in the UK.
Markel will deploy Cytora's platform to streamline their risk intake across the UK P&C lines.
Too much potential business should be a nice problem to have. However, sifting through submissions that may—or may not—make up profitable future lines of coverage comes at a price.
The process of automating simple tasks has long been delivering time and cost-savings for insurers. But there is still ample scope for organisations to evolve from basic time-saving to effective underwriting decision support that accelerates profitable growth.
The executive believes commercial insurance is ripe for transformation in the current market.
The new hire will lead the company's next phase of its growth in the commercial insurance industry.
‘We are confident of accelerating long needed transformation in our industry.’