TransRe has partnered with digital risk processing platform Cytora to digitise its facultative reinsurance operations worldwide.
The reinsurer will use Cytora’s AI-powered Concierge service to handle higher submission volumes, cut costs, improve data accuracy, and allow underwriters and claims teams to focus on complex risks.
Cytora CEO Richard Hartley said, “Risk digitization is having a tremendous impact across all major workflows and is demonstrating a clear path to a scalable business model where growth in premium is increasingly decoupled from growth in expense. TransRe has a compelling vision to use Generative AI as a foundation for business growth with improved control over risk selection and enhanced service. Our partnership will enable TransRe to drive profitable growth across their facultative business.”
TransRe COO Matt Mahoney said, “Facultative insurance is a high-flow business, and we have been impressed by the functionality and scalability of Cytora’s platform. We are excited to work together to drive digitization across our business. Cytora helps us augment our underwriting and claims professionals, which in turn will improve our service to our business partners.”
The deal follows Cytora’s launch of Unified Risk Reasoning, a new tool enabling full automation of pre-decisioning workflows by automatically reviewing, selecting, and finalising the fields on which risk decisions are made. The company claims this will accelerate automation, boost efficiency, and reduce costs for insurers, brokers, and reinsurers.
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