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Cytora, a UK insurance technology company that develops digital risk processing software for insurers, brokers and managing general agents (MGAs), has entered into a strategic partnership with Octave Specialty Group, a specialty insurance platform that invests in, acquires and grows MGAs.
As part of the agreement, Cytora will provide its AI-powered risk processing and workflow automation platform to support Octave Specialty Group’s operations. The technology will provide MGAs with a ready-to-use operational framework, helping to shorten the time required to launch new businesses through pre-configured digital insurance platforms while supporting greater processing capacity across Octave Specialty Group’s portfolio.
The collaboration is intended to streamline the handling of insurance submissions by using artificial intelligence to automate workflows and convert unstructured information into data that can be used more efficiently throughout the underwriting process.
Randy Paez, Chief Information Officer at Octave Specialty Group, commented: “Data is a foundational element of specialty insurance, and coupling it with AI is changing how we build and scale MGAs. Cytora gives us the front end of the AI-driven stack that turns unstructured submissions into decision-ready risk, compresses time-to-market for every MGA we launch, and enables us to further scale our operations.”
Cytora said the partnership forms part of its wider focus on helping specialty insurance businesses modernise their operations through digital risk processing technology and automation.
Juan de Castro, Chief Commercial Officer at Cytora, added: “Octave is one of the industry leaders in embracing new technology to transform its business operations and enhance the experience of its partners and customers. We are delighted to be part of this journey and look forward to supporting Octave as it continues to develop one of the world’s most advanced MGA ecosystems.”
The post Cytora and Octave partner to strengthen AI-powered operations for MGAs appeared first on ReinsuranceNe.ws.
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