Digital managing general agent C-Quence and Cytora have entered into a partnership to transform mid-market commercial property and casualty (P&C) insurance offerings.
As part of the collaboration, C-Quence will roll out its P&C suite in January using Cytora’s Property API. It will help in instantly linking hundreds of property, location and other data elements to every P&C submission so that a comprehensive picture of risk can be obtained.
Along with other data sources, this data will be transferred into the modern algorithms that support C-Q Elements, an underwriting and transaction platform of C-Quence.
As a result, the insurance brokers will be able to benefit from similar experience for P&C that they have been availing with C-Quence’s Financial Lines products.
The benefits include fewer underwriting questions, the quick and efficient turnaround time for quotation, and speedy handling of referrals, reduced transaction costs, among others.
C-Quence CEO Jacqueline McNamee said: “This is a weighty partnership between two organisations that have a similar ambitious vision for the future of Commercial Insurance. Individually we are both making a difference.
“By combining our considerable capabilities we are confident of accelerating long needed transformation in our industry, helping brokers to place risk more easily and providing a more efficient trading experience.”
Cytora CEO Richard Hartley stated: “Our partnership with C-Quence marks an important step in the digitisation of mid-market insurance.
“We believe C-Quence is going to drive significant positive change across the industry, we have been working with them closely for some time, and it’s a pleasure to announce this partnership.”