Applied Systems acquires Cytora to solidify position as insurance AI leader

Applied Systems has acquired Cytora, a digital risk processing platform for the insurance industry.

Applied Systems explained that the acquisition will combine Cytora’s AI-driven risk digitisation platform with Applied’s insurance solutions for agencies, carriers, and MGAs, enabling intelligent automation, connectivity, and collaboration across the policy lifecycle.

For Cytora, the acquisition will reportedly broaden its platform’s reach, enabling insurers, brokers, and reinsurers to digitise intake globally across workflows, countries, and lines of business.

“The result of this combination will unlock growth and create significant productivity for all stakeholders in the industry,” Applied Systems added.

The firm continued, “Together, Applied and Cytora have a compelling vision to extend these powerful insurance AI capabilities to the agency side of the market, making the Digital Roundtrip of Insurance better for everyone and transforming the industry so that it can spend less of its resources on inefficient processes and more resources on profitably insuring more of the world’s risks.”

Taylor Rhodes, Chief Executive Officer of Applied Systems, commented, “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 digitisation, exchange, and prioritisation 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.”

Richard Hartley, CEO and co-founder, Cytora, 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.”