InsurTech company Cytora has struck a deal with insurer Convex to use its AI-powered insurance underwriting platform to improve Convex’s risk selection and underwriting process.
The London-based startup Cytora’s platform enable insurers more accurately and efficiently underwrite and to deliver fairer prices to their customers. It does so through the Cytora Risk Engine. The engine identifies patterns of good and bad risks, enabling insurers to grow premium and improve loss ratios while delivering more accurate prices to customers.
Commenting on the partnership, Adrian Spieler, COO at Convex said: “At Convex, we are building an efficient and data-driven underwriting process, which from day one will enable us to provide the best possible products to our customers. By harnessing Cytora’s cutting edge infrastructure, we will be able to deliver upon our key strategic goals in an ever-changing landscape.”
Richard Hartley, CEO at Cytora, added: “The commercial insurance industry is undergoing a fundamental shift that puts customers and data at the forefront. We’re excited to be partnering with Convex as they accelerate this transformation, and to provide them with the tools they need to better serve customers in the years to come.”
Founded and spun out of the University of Cambridge in 2014, Cytora has become a trusted partner to global insurers. It’s also backed by leading venture capital organisations like EQT Ventures and QBE Ventures. Its impressive rise landed it a spot on FinTech Global’s InsurTech 100 list in 2018, the definite list outlining the innovative technology solutions redefining the sector that every insurance industry leader should know about.
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