Cytora and Markel have been working together since 2021 to transform the underwriting process. They aim to do this with AI automating pre-underwriting tasks, perform upfront evaluation of risks, and eliminate rekeying of data.
As a result, this enables the link between growth and expense base to decouple, allowing Markel’s specialist underwriters to focus on decision-ready risks with a high propensity to quote and bind.
In addition, the partnership between Markel and Cytora has led to a reduction in quote turnaround times for strategic partners. It has gone from an average of one day to just two hours.
Furthermore, Markel estimate that its underwriters spent 30% of their time on low skill and value tasks before Cytora started working with the firm.
Now, underwriters no longer spend time on low value activities with risks digitised upfront and augmented with additional data sources.
Neil Galjaard, managing director of Markel, said: “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.”
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Richard Hartley, CEO and co-founder of Cytora, added: “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.”