oyyo.ai
AI driven underwriting operations platform
we automate insurance quote processing for commercial insurance companies.
Andriy Mykhaylyuk | Founder & CEO | andriy@oyyo.ai |510-519-4023
$2M of unclaimed revenue because of operations inefficiency / per company / per year
Today each underwriter spent 2 hours on manual document processing on typical submission which leads to 30% of unclaimed revenue every month
Efficiency and technology impacts productivity, revenue generation and profitability
- Spending too much time with manual data entry, manual communication
- Luck of technology impacts employee moral (they are unhappy and frustrated)
Example from our customer: 200 submissions were never underwritten because of technology inadequacy in Q1 2024, which led to 1.7 mln dollars of lost revenue
oyyo processes 86% of quote preparation
Submissions to quote takes 17 minutes by underwriters using oyyo.
HOW?
The Single Platform allows streamlining of the whole underwriting process
AI Agents are used to assist in routine tasks
SLA delivery of custom tailored apps for different process withing span of few days
All the above directly contribute to revenue growth and enable new business opportunities
We understand importance of flexible solutions for complicated insurance processes
Our platform, built on the "Dynamic Reactive Evaluation Tree" approach, enables:
- Solo SaaS Start: Underwriters can independently initiate use without team support.
- Fast Onboarding: Quickly integrates new teams.
- 24h SLA (Service Layer Agreement): We can promise delivery of enhancements withing 24h
Traction for first months
5
underwriters
$1.87m
processed premiums
0
missed opportunities
300%
increased team morale
$36k
revenue (free for a design partner)
15 min
"Submission to Quote"
Market size
1
2
3
1
SOM: $333 million
Aiming to capture 10% of the SAM
2
SAM: $3.33 billion
Targeting 40% of the market (mid to large-sized companies and MGAs/MGUs).
3
TAM: $8.33 billion
Total Revenue of Commercial Insurance Companies: $416.5 billion [link]
2% of Revenue: $416.5 billion × 0.02=$8.33 billion
Projected Compound Annual Growth Rate (CAGR) for the commercial insurance market in US ~ 8% for the upcoming years, bringing the market to over $1 trillion in premiums by 2030. Most of growth would be driven by digitization, new product lines and acquisition.
Founding Team
Andriy Mykhaylyuk | CEO/Founder
Background: 3x founder, 2x exit, 7 years in Insurance Technology software
Education: MS in Computer Science.
Serhiy Tykhanskiy | CTO/Co-Founder
Technical and Product Expertise: Proficient in product and engineering design, with specific skills in BigQuery and supply chain pipelines.
Professional Experience: 10 years at Google, 3 years at Amazon, and 3 years at HelloWebApps.com.
We are raising $2 millions pre-seed (SAFE)
Our goals
5
Customers
Larger customers with $10m premium/year
$1m
ARR
18
months runway
Appendix 1: We make complete platform
📥 Inbox
Email client: ensures seamless communication.
Consolidated tools so all the work can be done within a system
Submission Tracking: monitors insurance submissions.
🗂️ System
Applications for underwriting
Build around collaboration with AI-agents
Single place to edit all Quote→Bind→Issue related documents
🤖 AI-agents
Data preparation and analysis
Trains as underwriter uses system
Custom agents on demand
Appendix 2: Planed pipeline
⚙️ Smaller Insurance Companies
We are working on SaaS offering which is accessible by smaller organizations and newly formed MGU/MGA.
We literally can setup an initial environment for a company from their Application PDF file within minutes
👨💼Potential Usage By Brokerages
We got some initial interest in our system by brokerages, we still discovering this opportunity.
This might bring significant flow of customers
Appendix 3: GTM strategy
1
2
3
4
1
Direct sales
By combining self service SaaS and enterprise sales
[Year 1 - 3, Goal - $10mln ARR]
2
Partnership & acquisitions
Implementation partnership channel expands our growth
Vendor acquisitions extend our network
[Year 2 - 6, Goal - $100mln ARR]
3
Expanding product lines
Expanding product lines into other departments within the insurance sector could eventually make us the 'Salesforce' of the insurance market, which is projected to reach $10.29trln by 2032
[Year 3-7, Goal - $1bln ARR]
4
Strategic partnerships
Our collaboration in forming other insurance companies could be the core of our journey to a $10 billion valuation.
[Year 2-7, Goal - $10bln valuation]