Cytora, which uses AI technology to improve underwriting for commercial insurance, has reportedly closed a £25m funding round.
The Series B was led by EQT Ventures, with other commitments coming from Cambridge Innovation Capital, Parkwalk and a selection of angels, according to a number of reports in the media.
The new equity will be used for enhancing its current offerings and moving into new markets, the articles state.
Cytora provides an underwriting API which helps insurers streamline their workflows to improve policies. The system lets a client differentiate risk at a granular level and configure any underwriting rules and rates specific to the pricing strategy and update when needed.
The insurance company also offers a risk engine which leverages AI to learn the patterns of risks over time. This lets insurers underwrite with more accuracy, lower costs and give better prices to consumers, the company claims.
Its risk engine processes, extracts, verifies and connects billions of data points from both internal and external sources. This is then used to identify patterns of risk and loss and rank, score and price for all properties and companies.
The system will give peril-specific scores to better show individual risk and an insurance firm can dynamically set scores and prices.
This investment comes just months after Australian insurance firm QBE extended its partnership with Cytora following a successful pilot phase. The insurer uses Cytora’s Risk Engine technology to improve underwriting by giving deeper insights into risks and building more personalised products for consumers.
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