Richard Hartley: Co-founder & CEO, Cytora: Helping underwriting risk submissions glide through your business flow (227)

InsTech - insurance & innovation with Matthew Grant & Robin Merttens

InsTech

Business, Entrepreneurship, Investing

4.9 • 51 Ratings

🗓️ 22 January 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Cytora is well known in London and increasingly in the US too, as providing analytics for insurers - founded in 2014 and with some well-known clients including Allianz, Beazley and Markel - this is another company that’s made the transition from start-up to scale-up. Richard Hartley is the Co-founder and CEO. In this episode you will discover why the company pivoted from its original premise of sourcing data to help with commercial underwriting pricing - to its new solution, which is making underwriters' lives better, improving, as Richard puts it, how information glides through companies. You will also hear: How Richard and his team refocused the business when they realised that it's not the lack of data that is often holding insurers back, but too much data and data that’s hard to organise. When insurers should be making decisions to buy versus build their own technology Some of the differences between those of you in the US compared to us here in the UK. When it's better for hiring to go and find people with fresh ideas from outside the industry or tap into the experts from within Which insurance company - and Cytora client - has a goal of getting 80% of its insurance submissions managed with straight-through processing - untouched by human hands And finally - you can’t do everything so how do you say no to your client? If you like what you're hearing, please leave us a review on whichever platform you use or leave a post on Linkedin or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Identify how to make important investment decisions regarding buying and building technology List some of the benefits a business can achieve by recruiting externally and compare this to using in-house expertise Describe some of the issues surrounding data and the challenges a business can face if there’s too much If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 227 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Good morning, good afternoon, good evening, and thank you for plugging in and taking us with you
0:14.5	wherever you're off to or whatever you're up to. That is, after all, one of the pleasures of the
0:18.6	podcast. We don't have to demand all of your time.
0:21.3	You can get on your bike, on your train, plane, or just go for a walk in the park, and we'll be there by your side, or at least in your ears.
0:28.4	Well, Saitoria is well-known in London and increasingly in the US, too, as providing analytics for insurers.
0:34.1	It was founded back in 2014 and has some well-owned clients, including Allianz Beasley and
0:39.4	Marquard. And this is another company that's made the transition from startup to scale up.
0:45.0	Richard Hartley is CEO and co-founder, and I've known him since the early days of Saitora.
0:50.5	And in this episode, you will discover why the company pivoted from its original premise
0:55.2	of sourcing data to help with commercial underwriting pricing to a new solution, which is making
1:00.4	underwriters' lives better, improving, as Richard puts it, how information glides through
1:06.2	companies. We'll keep listening, and I know you're going to find something useful in here.
1:10.1	If you're going to find out why Saitora made its pivot and how Richard and his team refocused the business when they realize it's not the lack of data that is often holding insurers back, but too much data and data that's hard to organize.
1:21.6	And if you're wondering when insurers should be making decisions to buy versus build their own technology, well, we'll be covering that too
1:27.6	and some of the differences between those of you in the US and those of you in the UK,
1:32.7	well, at least as far as insurance goes. And what about hiring? Is it better to go and find people
1:36.8	with fresh ideas from outside the industry or tap into the experts from within? Well, we'll just try
1:42.2	both, and he's got some advice on that too. And we're
1:45.5	going to find out which insurance company and Saitora client has a goal of getting 80% of its
1:49.8	insurance submissions managed with straight through processing, untouched by human hands. And finally,
1:56.5	you can't do everything. So how do you say no to your client? All that in 30 minutes.
2:00.9	Well, that's pretty good value, I reckon.
	...

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