Sayata launches AI-powered risk engine to broaden carrier appetites while protecting loss ratios

Sayata, a marketplace for insurance brokers and carriers, aims to revolutionise small commercial insurance underwriting with the launch of the Sayata Risk Engine, an AI-powered platform.

This new proprietary risk assessment solution is to transform how insurance carriers and MGAs assess and underwrite risk, according to Sayata.

It uses sophisticated artificial intelligence (AI) to flag specific high-risk accounts that are expected to drive up loss ratios.

With this, the company aims for insurers to “confidently broaden their risk appetite to grow premiums rapidly while weeding out riskier accounts from their portfolio.”

According to Sayata, carriers that adapt portfolios based on Sayata Risk Engine findings can realise a 10-point reduction in loss ratios.

The new solution features smartExtrapolation technology which uses Sayata’s proprietary AI to draw intelligent conclusions when traditional data sources fail, ensuring accurate risk assessment.

It also employs a proprietary methodology that enhances the engine’s ability to separate data signals from noise to avoid overfitting.

Another feature is its proprietary data vendor vetting and integration. According to Sayata, its data experts continually vet data providers through a rigorous process, regularly testing and curating reliable data sources, saving insurers cost and complexity.

Asaf Lifshitz, CEO of Sayata, said: “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.

“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.”

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