20 June 2018Insurance

MS Amlin partners with AI insurtech Cytora to boost underwriting

Specialty re/insurer MS Amlin has partnered with London-based insurtech start-up  Cytora to deploy artificial intelligence (AI) into the commercial underwriting processes.

MS Amlin will use Cytora’s AI underwriting technology to improve underwriting performance and drive premium growth across its commercial property portfolio, the company said.

The partnership will enable MS Amlin to use the Cytora Terminal platform to power open market underwriting with the aim of improving underwriting performance. Cytora will also provide MS Amlin with risk scores through its Risk Engine API integration with Acturis to improve risk selection and pricing in their SME automated trading book, with the aim of achieving significant premium growth over the next three years, according to the company.

“AI technology is transforming the way insurers do business," Paul Taffinder, director of strategy & innovation at MS Amlin, commented. "This new and exciting partnership with Cytora is a testament to MS Amlin’s commitment to digital innovation and the use of smart technology, further cementing our position as an insurer of the future.”

Ted Aerts, head of strategy, digital & operations P&C, MS Amlin, added: “MS Amlin’s underwriting knowledge and specialist expertise, aligned to Cytora’s technology, is a formidable combination. We are focused on increasing digital integration, improving operational efficiency and the user experience for our brokers and clients, and this partnership with Cytora helps us improve all three. We look forward to working with the team at Cytora.”

The deal is part of MS Amlin’s strategic focus on driving operational excellence through innovation. Cytora intends to transform commercial insurance through data and technology.

Richard Hartley, chief executive officer of Cytora, said: “The opportunities AI opens up for the insurance industry are vast, from improving profitability and reducing expenses, to providing more practical cover that is easy to access and seamless to purchase. Cytora is dedicated to making this possible.”

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