Insurer QBE has selected the Risk Engine technology of artificial intelligence (AI) firm Cytora to strengthen underwriting decisions for commercial offerings.
The selection of the technology comes after a successful trial in the UK.
The technology offers a risk profile and score for each business and commercial property by blending the digital footprint of a business with insurers’ internal data.
The aim is to enhance conversion, retention as well as reduced loss ratios by enabling underwriters to gain more insights on risk factors.
Cytora CEO Richard Hartley said: “We believe AI underwriting is the future of the industry, and we’re thrilled to be working with QBE at the forefront of this transformation.”
At present, Cytora’s technology will allow QBE underwriters in the UK to gain access to property and real estate risk scores.
QBE Australia also intends to implement the technology this year.
QBE European Operations director of property – UK Matt Roles said: “Our UK underwriters have embraced Cytora’s technology and data to enhance their decision-making when pricing risks – both for renewal and new clients.
“This has given QBE a competitive market edge, which we, in turn, have been able to relay onto our customers with more refined and accurate pricing.”