New York, US; 13th August 2024: Arch Insurance North America (Arch Insurance, Arch), a leading global specialty insurer, has partnered with digital risk processing platform Cytora to further digitize its risk intake and streamline underwriting workflows.
Arch Insurance has been investing in digital transformation with the aim of making the risk intake process more efficient so that a higher volume of risks are onboarded and decisioned. By streamlining its risk intake, Arch can provide better, faster service for brokers and clients and provide underwriters more visibility for strategic portfolio management.
Arch selected Cytora as a partner because of Cytora’s fully configurable platform which allows Arch to integrate unique requirements and optimize insurance workflows through artificial intelligence (AI) and automation.
Arch Insurance International has also been using Cytora’s risk processing platform to digitize risks in the UK.
This announcement follows a period of significant growth for Cytora in North America and the launch of the latest enhancement to the platform, which leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.
Juan de Castro, COO at Cytora, said: “The global insurance industry is undergoing a period of rapid digital transformation fueled by progressive companies like Arch. Our work in the UK with Arch Insurance International showcases the substantial value that can be created by optimizing insurance workflows. Now, thanks to the scalability of the Cytora platform, we will be able to quickly bring these enhanced processes to Arch Insurance in North America.”
Caolan Kovach-Orr, AVP of Intelligent Data Automation for Arch, said “This partnership is part of our strategic investment in digital capabilities to help Arch deliver exceptional underwriting and profitable growth. Cytora will help us streamline key workflows, ensure more consistent execution and deliver a world-class experience to our brokers and clients.”
About Cytora
Cytora is the pioneer of Generative AI applied to commercial insurance workflows that digitize risk workflows at unparalleled levels of performance, configurability and scalability across the enterprise. With Cytora commercial insurers uplift their premiums, improve control over risk selection and transform service to brokers and clients.
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada. Business in the U.S. is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Property & Casualty Insurance Company and Arch Indemnity Insurance Company. Business in Canada is written by Arch Insurance Canada Ltd.
