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TransRe Partners With Cytora to Digitize Facultative Reinsurance Workflows
TransRe has partnered with Cytora, the digital risk processing platform. TransRe will deploy Concierge, Cytora’s cutting edge, agentic AI powered service, to its worldwide facultative operation. This will enable TransRe to more easily scale facultative submission volumes, reduce costs, improve the accuracy of data ingestion and free underwriting and claims teams to dedicate more time to complex risk decisioning.
Richard Hartley, CEO of Cytora, 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.”
Matt Mahoney, COO at TransRe, 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.”
This follows the launch last week of Unified Risk Reasoning, an industry-first release for Cytora’s digital risk processing platform that will enable insurance professionals to completely automate pre-decisioning workflows. Unified Risk Reasoning solves a longstanding challenge of complete workflow digitization by moving beyond data collection to enable the automated review, choice and finalization of the ultimate fields on which risk decisions are made. As a result, insurers, brokers and reinsurers will be able to substantially accelerate pre-decision automation, improve efficiency and reduce costs.
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One Inc Expands Life Insurance Payments Ecosystem Through Partnership with Equisoft
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Lloyd’s and Ireland’s Department for Finance Announce Strategic Collaboration to Drive Insurtech Innovation
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