Applied Systems, a provider of cloud-based technology for the insurance industry, has acquired Cytora, a digital risk processing platform that uses AI to streamline insurance workflows. This acquisition is meant to extend Applied Systems’ AI capabilities across the digital insurance process to reduce time and cost in critical workflows.
Applied Systems’ platform connects and automates the insurance lifecycle for agencies, brokerages and insurers. Its platform is designed to enable intelligent automation, connectivity and collaboration at each stage of the policy lifecycle. Cytora’s platform uses AI to turn information from various data sources into decision-ready transactions, which help users streamline the full policy lifecycle and minimize time and cost.
The combined technology assets and expertise of both companies are expected to deliver speed, accuracy and cost advantages. The acquisition will expand Cytora’s platform reach globally, allowing carriers and brokers to digitize their intake and achieve significant cost reductions, faster quoting times and more profitable risk selection.
