Insurance technology company, Cytora, introduces Unified Risk Reasoning, significantly advancing automation within the risk workflow for insurance professionals.
Unified Risk Reasoning Revolutionizes Cytora's Digital Risk Processing Platform
Unified Risk Reasoning, a groundbreaking feature in Cytora's digital risk processing platform, is transforming pre-decisioning workflows by seamlessly integrating data from multiple sources. This innovative technology mirrors the data validation and finalization processes of experienced risk professionals, but on a larger scale and autonomously[1][2].
Key Features of Unified Risk Reasoning:
- Data Integration from Multiple Sources: Unified Risk Reasoning allows users to access data from various sources, including submission forms, internal databases, external data providers, and web research. This integration leads to the creation of composite fields, combining information from multiple sources, thereby enhancing the reliability and accuracy of risk assessments[1][2].
- Active Reasoning and Data Resolution: Unified Risk Reasoning resolves discrepancies between different data sources by actively selecting the most accurate information. For example, if there are conflicting employee numbers in a proposal form and an email from a broker, it updates the field with the correct figure provided by the broker[1].
- Customizable Field Fulfillment: Users can configure how fields are fulfilled, choosing from various modes such as using a single source, all available sources, or validating one source against another. This flexibility is managed through a natural language interface, requiring no extensive training[2].
- Explainability and Transparency: The platform provides a transparent chain of thought reasoning, ensuring that all field updates are fully explainable and transparent. This feature enhances trust in automated decision-making processes by offering a clear understanding of how data was selected and validated[2].
Automation of Pre-Decisioning Workflows:
Unified Risk Reasoning automates pre-decisioning workflows by streamlining data validation and enrichment. This automation ensures that underwriters receive accurate and comprehensive information[4][5]. Additionally, it enhances efficiency and scalability, accelerating decision-making processes, reducing manual errors, and improving overall operational efficiency[4][5].
The sequence configuration for these enrichment chains is handled automatically based on the relationships between required data points, their sources, and the order in which data must be gathered. The platform interprets the entire risk or claim to drive enrichment, rather than just the requirements of individual fields[3].
The platform enables fulfilment of schema fields from multiple sources, defined by configuration users in natural language. Automated enrichment chains allow the output of one enriched field to be the input process for another, enabling advanced data workflows[3].
[1] Cytora. (n.d.). Unified Risk Reasoning. Retrieved from https://www.cytora.com/unified-risk-reasoning/ [2] Cytora. (n.d.). Transparent Chain of Thought. Retrieved from https://www.cytora.com/transparent-chain-of-thought/ [3] Cytora. (n.d.). Data Enrichment. Retrieved from https://www.cytora.com/data-enrichment/ [4] Cytora. (n.d.). Automated Underwriting. Retrieved from https://www.cytora.com/automated-underwriting/ [5] Cytora. (n.d.). Claims Processing. Retrieved from https://www.cytora.com/claims-processing/
- Insurtech's Role in Finance Businesses: By leveraging Unified Risk Reasoning, insurtech companies can revolutionize finance business operations by automating pre-decisioning workflows and enhancing efficiency through artificial intelligence and technology[4][5].
- Improving Business Scalability with AI: The integration of Unified Risk Reasoning in business processes signifies a significant step towards harnessing the potential of artificial intelligence in technology, thereby improving business scalability, accuracy, and reducing manual errors[4][5].
