Beazley partners with AI insurtech Cytora to ‘unlock scalable growth’
Global specialist insurer Beazley has partnered with artificial intelligence (AI) insurtech Cytora to automate and streamline its risk processing function, enabling the company to reduce costs and accelerate expansion plans in North America and European markets.
Cytora enables risks to be digitally processed, maximising automation levels and delivering enhanced control over risk selection. With its platform risk submissions are digitised, consistently evaluated using internal and external data sources and automatically processed for underwriting decision making.
Beazley will use the Cytora Platform to streamline its global risk intake, reduce manual processes and uplift straight-through-processing.
Ian Fantozzi (pictured), CEO Beazley Digital at Beazley 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.
Richard Hartley, CEO of Cytora, said: “We are excited to be partnering with Beazley as it group 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.”
Troy Dehmann, COO at Beazley, added: “We are investing in digital capabilities to unlock scalable growth, Cytora enable us to streamline key workflows enhancing efficiency and effectiveness and further developing how we use data to drive decision making across the group and accelerating our profitable growth.”
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