Digital managing general agent C-Quence and InsurTech Cytora are partnering to advance broker processes for commercial property/casualty underwriting.
C-Quence will launch its P/C line of products in January using Cytora’s property application program interfaces (API) to instantly connect hundreds of property, location and other data attributes to each P/C submission to gain a more complete view of risk. This, together with other data sources, will feed into the sophisticated algorithms that underpin C-Q Elements, C-Quence’s technology enabled underwriting and transaction platform. The end result for brokers, according to the companies: Fewer underwriting questions, fast handling of referrals and drastically reduced transaction costs, among other improvements.
Cytora is a developer of artificial intelligence-based products and services for the insurance industry, and it raised $32.5 million in new venture financing earlier this year.
“This is a weighty partnership between two organizations that have a similar ambitious vision for the future of Commercial Insurance. Individually we are both making a difference,” Jacqueline McNamee, CEO of London-based C-Quence, said in prepared remarks. “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.”
Richard Hartley, CEO of the London-based Cytora, said in prepared remarks that the partnership should help advance the digitization of mid-market commercial insurance.
“Cytora was built to make it easier for companies like C-Quence to reinvent the status quo, embracing technology to build better customer experiences and a better understanding of risk,” Hartley said. “We believe C-Quence is going to drive significant positive change across the industry, we have been working with them closely for some time.”
Sources: C-Quence, Cytora
*A version of this story ran previously in our sister publication Insurance Journal.