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July 29, 2021

Markel UK teams up with insurtech platform Cytora

Markel UK has teamed up with Cytora, an AI-powered insurtech platform, to streamline its risk intake across the UK property and casualty lines.

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Markel will leverage Cytora’s technology to enhance capacity, drive growth and offer better services to clients and brokers.

Markel stated that the platform will form a core part of its new business workflow aimed at increasing the capacity for growth in target risk segments.

Markel UK divisional managing director Neil Galjaard said: “At Markel, we are committed to giving brokers and clients enhanced service levels and Cytora will enable us to create capacity to effectively grow our scale in our key sectors and enable our underwriters to provide further enhanced service to customers and brokers.”

Cytora CEO Richard Hartley said: “The commercial insurance industry is undergoing a fundamental transformation. We’re excited to partner with Markel, building on the success of our relationship so far and accelerate their transition to become a digitally-enabled insurance company.”

In June 2019, Cytora partnered with speciality insurer and reinsurer Convex Group to develop artificial intelligence (AI)-powered solution for the commercial insurance sector.

Prior to that in April, London-based Cytora secured £25m ($32.6m) in a funding round, which was led by EQT Ventures.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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