This new platform employs advanced artificial intelligence (AI) technology to enhance the underwriting process for insurance carriers and Managing General Agents (MGAs).
The Sayata Risk Engine uses AI algorithms to identify high-risk accounts that could potentially impact loss ratios negatively. By leveraging this tool, insurers can expand their risk appetite with confidence, accelerating premium growth while effectively managing risk exposure by identifying and excluding higher-risk accounts from their portfolio.
According to Sayata, carriers implementing portfolio adjustments based on the insights provided by the Risk Engine could potentially achieve a noteworthy 10-point reduction in loss ratios, indicating improved underwriting efficiency and profitability.
Furthermore, Sayata’s Risk Engine incorporates a proprietary data vendor vetting and integration process. This involves rigorous evaluation and continuous monitoring of data providers by Sayata’s experts to ensure the reliability and accuracy of data sources. By streamlining the underwriting process and reducing costs associated with data acquisition and analysis, Sayata aims to provide insurers with a more efficient and effective underwriting solutions.
A few features distinguish Sayata’s Risk Engine:
- SmartExtrapolation technology: Uses Sayata’s proprietary AI to draw intelligent conclusions when traditional data sources fail, ensuring accurate risk assessment.
- Avoids overfitting: Employs a proprietary methodology that enhances the engine’s ability to separate data signals from noise.
- Proprietary data vendor vetting and integration: Sayata’s data experts continually vet data providers through a rigorous process, regularly testing and curating reliable data sources, saving insurers cost and complexity.
“Our team of experts in AI, data, actuarial sciences, and insurance underwriting worked tirelessly to develop the Sayata Risk Engine with a singular focus: to provide insurers with a strategic advantage,” said Asaf Lifshitz, CEO of Sayata. “We offer a safety net that enables our partners to broaden their risk appetite while enhancing their overall profitability.”
Lifshitz added, “Carriers are naturally skeptical, especially when we share with them the magnitude of the expected impact. So we prove it to them with a simple test on their own data, which establishes a baseline of impact.”
