PriyaPatel
TLDR:
- Sayata has launched an AI-powered platform called the Sayata Risk Engine for commercial insurance underwriting.
- The platform utilizes AI algorithms to accurately identify high-risk accounts, enabling insurers to expand their risk appetite and accelerate premium growth.
In a groundbreaking move for the commercial insurance industry, Sayata has introduced the Sayata Risk Engine, an AI-powered platform designed to revolutionize the way insurance carriers and MGAs evaluate and underwrite risk. This cutting-edge product aims to address the evolving needs of insurers looking for innovative solutions to efficiently assess and manage risk in the SMB sector.
The Sayata Risk Engine features SmartExtrapolation technology, which allows for intelligent conclusions to be drawn even when traditional data sources are limited. Additionally, the platform includes a proprietary methodology to prevent overfitting. Sayata ensures the reliability of data sources through rigorous vetting and integration processes, which ultimately reduces costs and complexity for insurers.
Asaf Lifshitz, CEO of Sayata, highlights the team’s expertise in AI, data, actuarial sciences, and insurance underwriting in developing the Sayata Risk Engine. The platform offers a strategic advantage to insurers, enabling them to broaden their risk appetite and enhance profitability. Lifshitz emphasizes that Sayata proves the impact of their platform to carriers through simple tests on their own data, establishing a baseline of impact.
