Sayata Unveils AI-Powered Risk Engine, Revolutionizing Small Commercial Insurance Underwriting

The proprietary risk assessment solution harnesses AI to significantly broaden carrier appetites while protecting loss ratios

BOSTON, April 10, 2024 /PRNewswire/ -- Sayata, a leader in innovative insurance solutions for SMB risk, announces the launch of the Sayata Risk Engine: an AI-powered platform that transforms how insurance carriers and MGAs assess and underwrite risk.

The Sayata Risk Engine uses sophisticated AI to flag specific high-risk accounts that are expected to drive up loss ratios. Insurers can now confidently broaden their risk appetite to grow premiums rapidly while weeding out riskier accounts from their portfolio.

Carriers that adapt portfolios based on Sayata Risk Engine findings can realize a 10-point reduction in loss ratios.

A few features distinguish Sayata's Risk Engine:

1. SmartExtrapolation technology: Utilizes Sayata's proprietary AI to draw intelligent conclusions when traditional data sources fail, ensuring accurate risk assessment.
2. Avoids overfitting: Employs a proprietary methodology that enhances the engine's ability to separate data signals from noise.
3. Proprietary data vendor vetting and integration: Sayata's data experts continually vet data providers through a rigorous process, regularly testing and curating reliable data sources, saving insurers cost and complexity.

"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," said Asaf Lifshitz, CEO of Sayata. "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."

For more information about the Sayata Risk Engine, visit www.sayata.ai.

About Sayata:

Sayata makes placing and underwriting commercial insurance easier and more profitable. Delivering practical AI-driven solutions, Sayata helps all parties in the Insurance ecosystem do their jobs better. Whether you're a broker, agent, or insurance carrier, Sayata delivers advanced technological solutions that grow your business, expand your appetite for new risks, and improve profitability. The newly launched Sayata Risk Engine now helps carriers weed out riskier accounts and broaden appetite, leading to growth and greater profitability simultaneously.

Contact: 
Clayton Rifkind 
[email protected]

SOURCE Sayata