Applied Systems has acquired Cytora, a UK-based technology company specialising in digital risk processing for the insurance market. 

Through the acquisition, Applied Systems aims to speed up the delivery of its Digital Roundtrip of Insurance strategy. 

Financial terms of the deal remain undisclosed.  

Cytora’s platform, which is adaptable to various insurance processes, allows for the digitisation of the entire policy life cycle, from initial submission to claims servicing.  

This includes mid-term adjustments, endorsements and renewals.  

The platform’s AI capabilities enable the transformation of data from diverse sources into transactions ready for risk assessment, reducing the time and cost associated with key insurance workflows. 

The integration of Cytora’s technology is expected to broaden the reach of its services, providing a digital platform to insurers, brokers and reinsurers on an international scale.  

By joining forces, Applied Systems and Cytora plan to extend these AI-driven solutions to agencies, aiming to improve the efficiency of the Digital Roundtrip of Insurance and allow the industry to focus more on insuring risks rather than on administrative inefficiencies. 

Applied Systems CEO Taylor Rhodes said: “Cytora is the ultimate example of insurance-focused AI. Their commitment to leveraging advanced AI capabilities to accelerate and streamline the digitisation, exchange and prioritisation of risk data between agents and carriers fits perfectly with our vision of the Digital Roundtrip of Insurance.  

“Our collective technology assets, insurance domain expertise and vast insurance datasets – combined with the power of AI – will deliver speed, accuracy and cost advantages across all the critical workflows involved in the insurance life cycle. This move firmly establishes Applied as the leader in insurance AI.” 

Cytora CEO and co-founder Richard Hartley stated: “Cytora has focused on helping build a bigger, more impactful global insurance industry, enabling commercial insurers to accelerate the transition to digital risk flows so they can absorb higher volumes of risk, measurably increase written premium while reducing expenses and time to quote.  

“Our vision directly aligns with Applied’s vision to connect and automate the Digital Roundtrip of Insurance, and we are excited to join Applied to significantly expand the value of insurance AI at each stage of the risk life cycle, bringing the industry closer together and enabling more profitable growth for all stakeholders.” 

In June, Applied Systems decided to phase out its Applied Epic product from the UK broker management system market due to the complexities of the product, competitive pressures and the challenges of aligning with UK commercial lines distribution.