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Using Artificial Intelligence To Create Insights into Insurance Risk

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October 19, 2017

XL Catlin's internal innovation team, Accelerate, will team up with Cytora, a UK-based insurtech start-up, to use artificial intelligence (AI) and open source data to create new insights into risk by leveraging Cytora's expertise in sourcing, analyzing, and combining data from multiple sources.

Cytora uses AI and open source data to improve the way insurers quantify, select, and price risk. Cytora's Risk Engine captures the online footprint of risks that clients are continuously facing by crawling data from company websites, news articles, and government datasets. It then processes this information using AI algorithms in order to predict future claims, attractive risk profiles, and quality of risks.

These insights will help actuaries at the portfolio level to identify new profitable segments, as well as help underwriters to improve risk selection and provide tailored risk solutions for clients.

Vincent Branch, chief executive of Accelerate, explains the partnership. "We are experimenting with a wide range of cutting-edge technologies to explore what is possible. But we cannot do it alone. We need to partner with like-minded start-ups like Cytora that can help us embed those new technologies to transform our product design, pricing, underwriting, claims, and risk engineering capabilities to the benefit of our clients and brokers."

He added, "we are excited to be working with Cytora, a company that has, in just three years, built such an excellent reputation around its ability to use artificial intelligence and machine learning to help drive better business decisions."

Richard Hartley, CEO and co-founder of Cytora, said, "Cytora is transforming the way insurers select and price risk using artificial intelligence and open source data. We are enabling insurers to differentiate between risks at a higher level of granularity than ever before, and discover new profitable segments in areas where they have limited underwriting experience."

Mr. Hartley continued, "we believe this is the future of insurance and we are delighted to partner with a forward thinking, innovative company like XL Catlin who not only shares our vision but is also investing in realizing major gains through the use of external data."

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