Digital risk processing platform Cytora has teamed up with pricing decision intelligence specialist hyperexponential to provide commercial insurers with a new underwriting platform.

It aims to provide underwriters with data on risks that have been digitised as well as evaluated against appetite and priority score by Cytora. These risks are then passed into hyperexponential’s pricing decision intelligence platform, hx Renew, without the need to re-key any data. The firms say that the platform partnership reduces the time for underwriters to make decisions on risks and significantly reduces quote turnaround time.

Richard Gunn, CRO at hyperexponential, said: “Our mission 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.”

Cytora says its customers benefit from having embedded price adequacy into their priority rules, as well as insights into the price and complexity of each risk. It adds that the combination with hyperexponential’s pricing decision intelligence platform will enable insurers to simplify risk streams with accurate pricing data and reduced administration costs.

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