Applied Systems has announced the acquisition of Cytora, a specialist in digital risk processing, as part of its push to expand AI-driven insurance solutions.
The move is aimed at reducing the cost and time of key insurance workflows while boosting automation across the policy lifecycle.
By combining Cytora’s risk digitisation platform with Applied’s existing suite of solutions for agencies, carriers and MGAs, the company said it will unlock new growth and productivity.
Applied Systems CEO Taylor Rhodes said, “At Applied, we are committed to being the leading specialist in insurance AI solutions for both agencies and carriers.
“Cytora is the ultimate example of insurance-focused AI. Their commitment to leveraging advanced AI capabilities to accelerate and streamline the digitization, exchange, and prioritization of risk data between agents and carriers fits perfectly with our vision of the Digital Roundtrip of Insurance. Our collective technology assets, insurance domain expertise, and vast insurance data sets – combined with the power of AI – will deliver speed, accuracy, and cost advantages across all the critical workflows involved in the insurance lifecycle. This move firmly establishes Applied as the leader in insurance AI.”
Cytora’s platform allows insurers and brokers to digitise intake and streamline processes such as submissions, renewals and claims. Using AI, it converts structured and unstructured data into decision-ready transactions, helping firms cut costs and speed up operations.
Several major insurers already use Cytora to simplify onboarding into core systems, achieving faster quotes and more profitable business.
Cytora CEO and co-founder Richard Hartley said, “Cytora has focused on helping build a bigger, more impactful global insurance industry, enabling commercial insurers to accelerate the transition to digital risk flows so they can absorb higher volumes of risk, measurably increase written premium while reducing expenses and time to quote.
“Our vision directly aligns with Applied’s vision to connect and automate the Digital Roundtrip of Insurance, and we are excited to join Applied to significantly expand the value of insurance AI at each stage of the risk lifecycle, bringing the industry closer together and enabling more profitable growth for all stakeholders.”
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