Cytora, an AI-powered platform for commercial insurance underwriting, has teamed up with specialty insurer and reinsurer Convex Group, to develop artificial intelligence (AI)-powered solution for commercial insurance sector.
Under the arrangement, Convex will leverage Cytora’s platform to gain a complete and more accurate view of risk to improve its underwriting process.
Convex COO Adrian Spieler 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.”
Cytora CEO Richard Hartley said: “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.”
Convex, which is based in the UK and Bermuda, started its operation in April this year. The company underwrites insurance and reinsurance focusing to establish itself as a digitally-enabled insurance company.