Insurtech Cytora has been engaged by insurer Chubb to automate its claims document processing.
Cytora specialises in generative AI applied to insurance workflows that digitise at great levels of performance.
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As a result, there should be increased levels of performance, configurability, and scalability across Chubb through the Cytora process.
Amir Farid, Chubb North America transformation officer, said: “The collaboration is focused on enabling Chubb Claims documents to be automatically digitised, eliminating the need for manual intervention. Cytora’s platform enables Chubb teams to create, compose and deploy AI-native Claims document flows in a scalable approach across multiple markets and lines of business.”
Richard Hartley, CEO of Cytora, added: “The insurance industry is undergoing an acceleration towards a digital-first future enabling risk volume to scale at a fraction of the current cost while achieving superior control over decisioning. We are excited to partner with insurers that are at the forefront of the transition to a digital-first operating model.”
In December 2023, Cytora partnered with Relativity6 to allow the latter’s models to be used to enhance the Cytora underwriting process.
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By GlobalDataThis is facilitated by turning data from freeform text into standard industry classifications. Automation of this process saves a large amount of time and enables underwriters to provide the right policy, and product at a faster rate.
In addition, StreamLabs, a Chubb company that offers smart water monitoring, leak detention and water shut-off devices and systems, has launched Scout, a point-of-leak sensor.
