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Cytora launches automated commercial renewal remarketing initiative
The system identifies carrier quote data points before renewal and uses structured data and documents to automate submissions, aiming to reduce the time and cost brokers previously faced.
Insurance Business reports that the challenge with commercial renewal remarketing was less about broker willingness and more about economics, since assembling renewal submissions could take hours and, for smaller accounts, the effort could outweigh the commission at stake.
Insurance Business reports that as a result, brokers often defaulted to renewing with the incumbent rather than testing the market, leaving insureds in place not because alternatives were unavailable, but because assessing them was too expensive to do properly.
Insurance Business reports that Juan de Castro, Cytora president, said the process was not working for anyone in the value chain, adding that remarketing risks less often could even mean brokers were losing money on smaller risks they had to touch again.
Insurance Business reports that days before a risk comes up for renewal, Epic identifies what data points each relevant carrier needs to quote it, and that Cytora retrieves the required information automatically from structured data in the AMS and from documents, with the initiative having gone live last week.