Sayata, a marketplace for insurance brokers and carriers, has recently launched the Sayata Risk Engine: an AI-powered platform designed to revolutionise risk assessment and underwriting for insurance carriers and MGAs.
Asaf Lifshitz, Co-Founder and CEO of Sayata, underscores the collaborative effort behind the Risk Engine’s development, stating, “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.”
He further explains, “We offer a safety net that enables our partners to broaden their risk appetite while enhancing their overall profitability.”
The Sayata Risk Engine utilises advanced AI (Artificial Intelligence) technology to identify specific high-risk accounts that may increase loss ratios. This empowers insurers to confidently expand their risk appetite to boost premiums while filtering out riskier accounts from their portfolio.
Carriers that adapt portfolios based on Sayata Risk Engine insights can expect to achieve a significant 10-point reduction in loss ratios.
Notable features include precise risk evaluation through proprietary AI, the ability to distinguish meaningful data from noise, and rigorous testing and evaluation of data sources to save insurers time and costs.
Lifshitz concludes, “Carriers are naturally sceptical, 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.”
