The partnership is intended to lead to a better and faster service for brokers and clients
Insurtech Cytora has partnered with global specialist insurer Beazley to automate risk processing and accelerate profitable growth.
Beazley will be able to streamline its global risk intake, reduce manual processes and uplift straight-through-processing by using Cytora’s platform.
The hope is that this will lead to better, faster service for brokers and clients, reduce costs and accelerate Beazley’s growth plans into the North American and European markets. Cytora previously set its sights on the US pre-pandemic.
Richard Hartley, Cytora’s chief executive, said: “We are excited to be partnering with Beazley as it seeks to underpin its underwriting service with our leading risk processing platform.
“With the help of our technology Beazley will be able to automatically process submitted risks, facilitating faster placements.”
It follows a series of recent milestones for Cytora, including partnerships with Allianz, Markel and Ecclesiastical.
Key workflows
Cytora platform’s enables risk submissions to be digitised, consistently evaluated using internal and external data sources and automatically processed for underwriting decision making.
This means that risks can be digitally processed, maximising automation levels and delivering enhanced control over risk selection.
Troy Dehmann, Beazley’s chief operating officer, said: “We are investing in digital capabilities to unlock scalable growth.
“Cytora enables us to streamline key workflows – enhancing efficiency and effectiveness, further developing how we use data to drive decision making across the group and accelerating our profitable growth.”
Meanwhile, Ian Fantozzi, chief executive of Beazley Digital, said: “We are looking to technology to make it faster and simpler for brokers to access our products.
“Cytora will accelerate our ability to flexibly serve brokers across different underwriting channels, reduce referrals and enable faster turnaround times.
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