Cytora

Cytora is a data analytics provider for the general and reinsurance industry, offering valuable insights into a companies own and their competitors performance portfolio. According to Cytora, its service can reduce a companies loss ratio by up to 18%, whilst increasing premiums by a potential of 10%.

Cytora’s risk engine, enriched with machine learning technology, layers several proprietary and open source data points relevant to a specific line of insurance to provide intelligent insights on risk. Utilising the plethora of unstructured web data allows insurers to increase their capacity to new lines of insurance, as well as verify claims of damage against reports listed online.

Cytora claims that its API capabilities can cut the underwriting process down to under a minute. It enables insurers to build quotation workflows, which enables end-customers to forgo a long questionnaire. It does this in part via Property API, which enables insurers to find and verify any address through a single business identifier, and connects company financials and adjacent building occupancy to each submission. It also has a Price API, which can automatically decline or prioritise submissions, and a Policy API, which can create a linked or unlinked policy for every quote offered.

Cytora generates revenue by charging a yearly ARR license fee, which increases based on usage and per line of business.

Cytora participated in the 2016 Plug and Play Insurtech accelerator to further develop its insurance offering.

In June 2018, Cytora announced they would be employing their AI-driven tech to enhance MS Amlin's commercial underwriting processes.

Cytora announced it had raised a £25m Series B in April 2019 , led by EQT Ventures, which would be used to scale into new geographies and expand its product suite.

In July 2019 Cytora partnered with newly-launched Convex Group Ltd. Using Cytora’s platform, Convex will enhance its underwriting process, using data to achieve a more complete and increasingly accurate view of risk whilst helping underwriters improve risk selection.

Later that year, in November, Cytora announced it was to partner with C-quence to launch a P&C suite in January 2020, utilising Cytora's commercial insurance API.

In October 2020 Cytora became the latest tech company to announce it will pivot to a 'remote-first' company, even after the 2020 Covid-19 pandemic ends, enabling employees to work anywhere globally. Each team member will be given funding to set up a remote space, plus given a £2k annual travel budget. Cytora will also arrange a series of workspaces across Europe for those who would prefer a separate office space or for collaborations.

In August 2021 the UK arm of the global insurer Markel entered into a partnership with Cytora. Leveraging Cytora's platform, Markel will streamline its risk intake across its P&C lines in the UK.

In December 2021 Allianz signed a strategic partnership with commercial underwriting solution provider Cytora. As part of the agreement, Allianz will integrate Cytora's AI-based digital risk processing solutions to its commercial lines business to improve its margins by enabling better risk selection, and give underwriters more time to focus on more critical tasks.

In April 2022 Beazley partnered with Cytora to leverage its platform for streamlining its risk processing, reduce manual processes and cut costs. The move will also help to accelerate Beazley's expansion plans in N. America and Europe.

Later in October of the same year Cytora announced the company was to digitise core risk for commercial industries for ratings agency Moody's. Then, during November 2022, the company teamed up with data provider Tensorflight to provide the commercial insurance industry with a better and more informed understanding of property risk. As part of the collaboration, a new type of AI and ML powered data will be embedded directly into Cytora's platform, which will enable insurers to gain a better view of their property exposure risk which could help them reduce their loss ratio and increase their growth premium.

During February 2023 Cytora partnered with German insurer HDI Global. HDI Global agreed to augment its broker and client experience by streamlining its global risk processing workflows. Cytora claims that its platform will allow the insurer to accelerate and improve service for brokers and clients. It will increase automation levels and better control risk selection.

In July 2023 Cytora, and pricing decision firm, hyperexponential, partnered to aid insurers with risk.

Also in July Cytora, partnered with maritime data provider ShipsDNA to integrate ShipsDNA's data APIs into the Cytora platform. The partnership reflects Cytora's dedication to innovative risk-processing solutions and harnesses ShipsDNA's expertise in delivering reliable maritime data services.

That same month, Cytora also introduced large language models (LLMs) to improve accuracy and efficiency to risk assessment and underwriting. It said that LLMs combined with its AI risk platform would help to bring about digitised end-to-end underwriting.

Additionally, Geosite partnered with digital risk processing platform Cytora in July, with the pair aiming to provide insurers with enhanced underwriting and claims capabilities. This will be achieved through integrating Geosite's property geospatial data APIs with Cytora's risk processing platform, enabling insurers to better their underwriting and claims processes, improve accuracy when accessing risk, and improve decision making in commercial property insurance.

In August 2024 Cytora expanded its partnership with Arch Insurance into the US market. The expansion aims to enhance Arch Insurance’s capabilities in the US by leveraging Cytora's advanced underwriting and risk assessment technology for more accurate and efficient insurance operations.

Also in August Cytora partnered with GeoSmart Information, a company specialising in geospatial data, to enhance flood risk assessment for insurers. This collaboration aims to combine Cytora’s risk processing capabilities with GeoSmart’s advanced flood data to provide more accurate and dynamic risk evaluations.