Insuranceciooutlook

Caytons Cyber: Innovative Solutions for the Insurance Industry

Thomas Head, MD, Caytons CyberThomas Head, MD Success often comes to those who conceive the right idea at the right time and the right place. Other times, it approaches the ones who are not afraid to take up challenges and believe in upsetting the apple cart and making waves—all in the name of taking risks and beating them with experience.

The latter reflects the story of Caytons Cyber—a startup that offers IT solutions to the insurance industry. Squarely focused on creating great service for potentially risky ventures, Caytons Cyber is unlocking new opportunities and exploring areas where large organisations might not consider treading. The startup offers sophisticated underwriting and claims platforms to insurers, MGAs and other underwriting and claims organisations.

In order to delve deeper into the solutions and services offered by Caytons Cyber, let’s consider the example of a large UK-based firm that chose to digitise its paper-based processes. The firm did not have a clear understanding on how to tie the different departments together and sought to consolidate all their data onto a centralised platform. To make this happen, they chose one of the best legal and insurance IT service providers, Caytons Cyber. This was the first step toward its transformation. Caytons Cyber developed the firm’s IT infrastructure and helped it meet the SLAs. Also, the company took all the paper files in the firm and scanned them onto a central system, from where they could be viewed online. The key to this project was the large-scale stakeholder inclusion with clear communication around the development lifecycle and the setting up of the minimum viable product (MVP). Caytons Cyber provided regular feedback and facilitated quick decisions, enabling the company to avert any choke points. Today, CaytonsCyber’s platforms have become a centralised connecting bridge between the various divisions of the firm.

This is one of the many instances when Caytons Cyber bolstered its clients’ capabilities to deal with their burgeoning data efficiently. The company witnessed this gap in the insurance industry in 2015 and developed a robust, sophisticated platform, Console, that would provide a single solution to the compliance and underwriting needs of insurers, MGAs, and other claims organisations. “Organisations, especially in the law and insurance sector, create vast levels of data, which needs to be managed effectively. By consolidating the data generated by these organisations into a single platform, we help them create a centralised source of information,” says Thomas Head, Managing Director at Caytons Cyber. This functionality is proving irreplaceable for clients during this pandemic period when work practices are shifting to home-based environments. With Caytons Cyber, clients can work on claims from wherever they are in the world using authenticated logins. Besides, the company maintains a full audit trail of all the data, storing all financial changes, data updates on claims, and much more, making it extremely easy to monitor the claims.

A Single Solution for all Underwriting, Claims and Compliance Needs

Console, was initially developed to eradicate the massive volumes of paperwork needed to manage and monitor work processes in the insurance business.


By consolidating the data generated by these organisations into a single platform, we help them create a centralised source of information

At the core, the solution allows users to create policies quickly and add claims underlined by a BI reporting system. Over the years, Console has evolved significantly, and can now handle the multitude of workstreams and approaches across a vast range of insurance disciplines. With this platform making ripples in the insurance market, the team at Caytons Cyber further observed the need for quick delivery of data out of the systems. To help insurers and MGA’s build reports and find relevant files promptly, the company partnered with Data Technologies, an MI organization who helped Caytons Cyber set up and license the Qlik application. Data Technologies developed a sophisticated underwriting platform, which uses cloud computing to index files and allows the tech-savvy clients as well as Caytons Cyber to create dynamic reports or quotes instantaneously and efficiently.

Also, the stellar underwriting platform captures the entire insurance process centrally–from policy placement to claim settlement–and imparts the flexibility to extricate compliance and regulatory data, supply Solvency II, and conduct risk reporting.

Most notably, Caytons Cyber leaps forward to provide top-notch security to its customers. The soon-to-be ISO 27001 complaint company structures and manages security using robust web application firewalls that control traffic into and out of the systems. Besides, for the escalation process, Caytons Cyber performs virus scanning across endpoints 24/7 and even reviews the vulnerabilities, brute attacks, and more periodically. “For the claims system, we encrypt data and make sure that if someone gets in, then they have to find relevant keys to be able to unlock the documents from there,” adds Head.

The mission of Caytons Cyber is simple–go paperless. In an attempt to reduce the amount of paperwork involved in legal environments, Caytons Cyber has built a document and case management system. The premise of this system is straightforward: making a physical file comprising of all the documents and storing it into digital systems as electronic records. The electronic files, a replica of the paper documents—be it front sheets containing core data sets, or tabs of documents, or diaries, financials and chronologies—are thereby user-friendly and give a sense of familiarity to the insurers and MGAs.

Besides, the flexible document and case management system allows clients to download these files, amend them if required. To that end, CaytonsCyber’s underpinning knowledge in data migrations ensures that no records are lost in the process. Caytons Cyber doesn’t just deal with claims and underwriting systems; it has also built a document management system for the legal company Caytons LLP. In the process, the company takes learnings from that project and also uses them across its claims system.

Necessity is the Mother of Invention

At this juncture, it is crucial to underscore that the in-depth knowledge and deep-rooted analysis of multi-disciplinary industries are clearly the winning differentiators for Caytons Cyber.Founded by John Cayton, the company was initially conceived to mitigate the complexities observed by Caytons Law and Caytons Claims. As the software was used internally and stabilised, the team tendered for larger projects and started to build a base of clients that use all aspects of the system. In each instance, it’s always been about understanding what the client’s problems are and either adapting or enhancing what Caytons Cyber has to fit that need.

As the volumes have increased, the company is now looking at much more scalable options. Today, the company has evolved to address the needs of the legal and claims sectors, making lives easier for insurers. To steer ahead of the competition, Caytons Cyber has also migrated chunks of its solution to the cloud to make it more scalable and harness the benefits of automation and AI. The company is also keen on building a strong relationship with its clients, and hence ensure that the team “listens” to all its customers. Besides its rich knowledge and a client-first approach, Caytons Cyber also marks its uniqueness in the industry by eliminating the one-size-fits-all approach and devises solutions that meet and exceed each customer’s specific requirements. “That’s not to say everything is bespoke but we do believe in the personal touch. We listen, extrapolate the problems, work out a solution and work out how to develop our product to make it better for all,” says Hollie Dearman, partner at Caytons Law.

“We are a versatile business. At Caytons Cyber, we always open to expand our breadth of expertise and embrace new projects and ideas. We are not intimidated by risks and challenges and hence also plan to take our business models and capabilities offshore,” she adds. With the vision of being “a fully self-service platform,” Caytons plans to incorporate premium technologies such as AI to meet the demands of the regulatory landscape. Meanwhile, the company is also exploring the potential of blockchain in this realm. “We have got the wheels in motion for embarking on our new ventures and further enhance our customer experience,” concludes Head.

Share this Article:
Top 10 InsurTech Startups in UK - 2020
Caytons Cyber

Company
Caytons Cyber

Headquarters
London, UK

Management
Thomas Head, MD and John Cayton, Owner and Hollie Dearman, Partner, Caytons Law

Description
Caytons Cyber offers sophisticated underwriting and claims platforms to insurers, MGAs and other underwriting and claims organisations. The company witnessed this gap in the insurance industry in 2015 and developed a robust, sophisticated platform, Console, that would provide a single solution to the compliance and underwriting needs of insurers, MGAs, and other claims organisations. By consolidating the data generated by organisations into a single platform, Caytons Cyber helps them create a centralised source of information. Caytons Cyber doesn’t just deal with claims and underwriting systems; it has also built a document management system for the legal company Caytons LLP. In the process, the company takes learnings from that project and also uses them across its claims system