Frequently Asked Questions
Applied Systems has acquired Cytora. This transaction will bring together Applied Systems, the leading global provider of insurance technology solutions, with Cytora, the leading digital risk processing platform for the insurance industry. This acquisition significantly accelerates Applied’s vision of delivering the Next Generation of the Digital Roundtrip of Insurance by bringing the power of Cytora’s powerful AI-enabled risk digitization platform, specifically built for the insurance industry, together with Applied’s leading suite of insurance solutions for agencies, carriers and MGAs. The acquisition significantly expands Cytora’s ability to provide its platform to insurers, brokers, and reinsurers to digitize their entire intake on a global basis. The combination of Applied and Cytora will create intelligent automation, connectivity and collaboration at each stage of the risk lifecycle, unlocking growth, reducing the marginal cost of onboarding, decisioning and servicing customers, for all stakeholders.
Cytora is a configurable platform that enables carriers, MGAs, and brokers to digitize their intake and streamline the full policy lifecycle– from submission to claims servicing, mid-term adjustments, endorsements, and renewals. The Cytora platform is AI-powered and turns information from disparate data sources – both structured (e.g., ACORD forms) and unstructured sources (documents, PDFs, Excel and CSV files, emails, images) – into decision-ready transactions fulfilling each participant’s view of risk.
Cytora’s document-to-data platform enables users in both agencies and carriers to radically reduce the time and cost incurred in the most critical insurance workflows while working with higher degrees of control, accuracy and insight to uplift premium growth and transform service.
To date, Cytora’s success has been predominantly focused on the carrier side of the market to advance their vision for the frictionless onboarding of their intake into existing systems including policy administration, rating engines and workflow tools, enabling carriers to uplift growth, achieve superior control over risk selection, reduce the time to quote from days or weeks to hours, reducing costs significantly, getting to more of the risks they want to quote, and increasing written premium dramatically.
The critical workflows in the insurance industry rely on efficient and accurate understanding and exchange of risk data. Yet, our industry suffers from broken, highly manual and costly processes at each stage of the policy lifecycle. Brokers, insurers and reinsurers absorb large amounts of scarce capacity reviewing, interpreting and rekeying risk data across the risk lifecycle. Risk data and its coverage and policy information are fragmented – scattered across declarations, endorsements, amendments – often across multiple document types, multiple systems, and multiple years. The connectivity between agencies and carriers to exchange this data is manual, inhibiting growth, limiting profitability and eroding confidence in the insurance industry to scale to meet the rising level of risk.
Because of this inefficiency, for many carriers, 40% of front-line capacity across underwriting, operations and claims teams is absorbed reading, interpreting and rekeying risk data, and carriers often lack the visibility into how to triage and prioritize the submissions they receive so they work on the ones they are most likely to quote.
This commercial lines submission and underwriting example is just one of the many breakdowns in the Digital Roundtrip of Insurance that happens in agencies and carriers many times every day. The rapid maturation of AI capabilities is creating new opportunities to tackle these challenges, but the need for insurance specialization of general AI models to deliver on the promise of AI for this industry is paramount. Insurance AI sets itself apart from horizontal AI solutions by combining three critical ingredients: deep insurance expertise, access to unique insurance datasets, and AI experts who can train AI models to understand the context of the jobs to be done in an agency or carrier.
At Applied, we are committed to leading the delivery of value from insurance-specific AI solutions across the Digital Roundtrip for both agencies and carriers. Cytora is the ultimate example of insurance-focused AI, and 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. Our collective technology assets, insurance domain expertise, and vast insurance datasets, combined with the power of AI, firmly establish Applied as THE leader in insurance AI, creating speed, accuracy and cost advantages across all the critical workflows involved in the insurance lifecycle.
Cytora’s customers will significantly benefit from the increased resources and scale of Cytora within the Applied family. Cytora’s platform will continue to digitize the entire intake for customers across all transaction types, countries and lines of business.
Cytora’s customers and partners will experience no impact to their primary services or support contacts. We believe the combination of Applied and Cytora will provide significant benefits and greater choice to both companies’ customers, partners, and other industry stakeholders.
Applied is committed to investing in the combined teams to drive continued product innovation and deliver the highest level of value to our customers and partners. Our customers will greatly benefit from integrated AI capabilities that improve value for all stakeholders across the insurance distribution channel.