- #Invisor underwriting millions customers software#
- #Invisor underwriting millions customers license#
- #Invisor underwriting millions customers series#
#Invisor underwriting millions customers license#
To that end, Cytora generates revenue by charging a yearly ARR license fee, which increases based on usage and per line of business.
“We require only a business name and postcode to issue a quote, which revolutionises the customer experience.” “For the latter, our customers have built quotation workflows on top of Cytora’s APIs, enabling business owners to buy policies online in less than a minute without having to fill in a form,” says Hartley. an average insurance premium ~£500k and above) or business customers of insurance companies who are buying insurance direct online with an average premium of £1,000-£5,000.
#Invisor underwriting millions customers software#
Users of the software are either underwriters within insurance companies who are underwriting large commercial risks (i.e. Typical Cytora customers are commercial insurers that are digitally transforming their underwriting process. “This gives insurers a better understanding of the underlying risk of each business and helps them set a more accurate price.
“Our APIs are powered by a risk engine which learns the subtle patterns of good and bad risks over time,” he explains. This enables insurers to underwrite programmatically and build workflows that provide faster and more accurate decisions. Powered by AI, Hartley claims that Cytora is able to distill the seven-day underwriting process down to 30 seconds via its API.
The other 40 pence evaporates as the “frictional cost of delivering insurance.” To illustrate how inefficient commercial insurance can be, Hartley says that for every £1 of premium that businesses pay to insurers, only 60 pence is set aside to pay total claims. This means operating costs for insurers are extremely high and customer experience isn’t good leading to a lack of trust.” Unlike buying car or travel insurance, which can be purchased in minutes, buying business insurance can take up to seven days. It’s inefficient because the underwriting process is so manual. “It’s inaccurate because underwriting decisions are made using sparse and outdated information. “Commercial insurance underwriting is inaccurate and inefficient,” says Cytora co-founder and CEO Richard Hartley. This includes property construction features, company financials and local weather, combined with an insurance company’s own internal risk data.
Its first product launched in late 2016 to a number of large insurance customers, with the aim of applying AI to commercial insurance supported by various public and proprietary data. Leading the investment is EQT Ventures, with participation from existing investors Cambridge Innovation Capital, Parkwalk and a number of unnamed angel investors.Ī spin-out of the University of Cambridge, Cytora was founded in 2014 by Richard Hartley, Aeneas Wiener, Joshua Wallace and Andrzej Czapiewski - although both Wallace and Czapiewski have since departed.
#Invisor underwriting millions customers series#
startup that developed an AI-powered solution for commercial insurance underwriting, has raised £25 million in a Series B round.
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