As a key building block for digitizing risk workflows, insurers need to classify risks into granular categories unique to their own view of risk. Each insurer defines their classifications differently which are used across multiple workflows as a key input for risk appetite, prioritization and pricing. Examples include business activity (including conforming to SIC, ISIC, ANZSIC and NAICS codes), property occupancy, reasons for historical claims and hazardous materials. Cytora supports out-of-the-box inference that is configurable by line of business and geography to enable scalability across global operating models. Cytora enables third party inference models to be easily integrated and operationalized into risk flows.
Cytora enables insurers to create multi-level hierarchies that enhance the granularity of their risk differentiation. Cytora supports two-level hierarchies including parent level categorisation and child sub-categorisation which are inferred based on up to two fields, for example business description & activity description. This enables insurers to finely segment risk and optimise the effectiveness of their workflows.
Cytora supports local differences across different countries by supporting multiple classifications standards (including SIC, ISIC, ANZSIC and NAICS) and enables insurers to configure and tune inference with limited training data. Zero shot inference enables insurers to go live with inference powered fields in low data environments, reducing upfront implementation costs of deploying new inference models.
Business users have access intuitive approval workflows that provide visibility and control over the training data injected into back into inference models to drive continuous model optimization. Risk professionals can review, approve and reject training examples to provide control and accelerate model performance.
At Markel, we are committed to giving brokers and clients enhanced service levels and Cytora will enable us to create capacity to effectively grow our scale in our key sectors and enable our underwriters to provide further enhanced service to customers and brokers."