Leading global specialist insurer, Beazley, has partnered with London insurtech firm, Cytora to automate risk processing and accelerate profitable growth.
By using the Cytora Platform, this will allow Beazley to streamline its global risk intake, as well reduce manual processes and uplift straight-through processing, which will help lead to a better and faster service for brokers and clients, as well reduce costs and accelerate Beazley’s expansion plans in North America and European markets.
In addition, Cytora enables risks to be digitally processed, maximising automation levels and deliver enhanced control over risk selection.
With the Cytora Platform risk submissions are digitised, consistently evaluated using internal and external data sources, and automatically processed for underwriting decision making.
Furthermore, this announcement with Beazley is the latest in a number of recent major milestones for Cytora, which includes partnerships with global insurer, Allianz, and Markel and Ecclesiastical.
Richard Hartley, Chief Executive Officer, 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.”
Ian Fantozzi, Chief Executive Officer, Beazley Digital at Beazley added, “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.”
Troy Dehmann, Chief Operating Officer, Beazley, commented, “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.”
