According to Cytora, the agreement will advance Allianz’s mission of building a scalable, digital and data-driven commercial insurance business model.
The investment in AI-based digital risk processing increases the efficiency and effectiveness of underwriting, thereby enabling better customer service, Cytora said. Moreover, the partnership will allow for a deeper understanding of risks and support the execution of a value-maximising portfolio strategy.
Founded in 2014 by a team of machine learning scientists, Cytora aims to transform the underwriting process for commercial insurance.
Jörg Hipp, head of business transformation in Allianz SE’s Global Commercial Group Center, said, “This is great news for our customers, intermediaries and underwriters. With the new technology our underwriters can focus on the most value adding tasks. And our customers benefit from better service and a quicker turnaround.”
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