The company is looking to benefit from reduced operational risk and improved customer service through the integration of Cytora’s technology into its systems. This new partnership with Cytora Limited advances Allianz’s aim of developing a scalable, digital and data-driven commercial insurance business model.
Richard Hartley, CEO of Cytora, said, “We are excited to partner with Allianz, who share our vision of digital risk processing. With the deployment of our platform across the group, Allianz will accelerate their transformation, enabling them to provide scalable, digital and data-driven commercial insurance.”
The advantages of AI-driven risk processing
Investment in AI-based digital risk processing improves a company’s ability to identify and assess risk, which is a critical function for the insurance industry. Cytora has been operational since 2014, providing commercial insurers with an AI-based platform that helps them reduce their underwriting risk and improve customer service. The use of AI-based risk processing is becoming increasingly common in the insurance industry as companies seek to improve their competitive edge.
As a heritage insurance company founded in 1890, Allianz brings a long history and a strong presence in the global market. And Cytora’s AI-powered risk processing tool will give Allianz access to advanced technology to help reduce their operational costs and improve the overall experience.
“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,” added Jörg Hipp, Head of Business Transformation in Allianz SE’s Global Commercial Group Center.
Source: Insurtech Digital