Allianz, one of the world's largest insurance providers with €2.25 trillion EUR of assets under management (AUM) and operations in more than 70 countries, has signed a contract to use Cytora's AI-powered risk processing tool for their global commercial lines business.
The company is looking to benefit from reduced operational risk and improved customer service through the integration of Cytora's technology into its systems. This new partnership with Cytora Limited advances Allianz's aim of developing a scalable, digital and data-driven commercial insurance business model.
Richard Hartley, CEO of Cytora, said, "We are excited to partner with Allianz, who share our vision of digital risk processing. With the deployment of our platform across the group, Allianz will accelerate their transformation, enabling them to provide scalable, digital and data-driven commercial insurance."
The advantages of AI-driven risk processing
Investment in AI-based digital risk processing improves a company's ability to identify and assess risk, which is a critical function for the insurance industry. Cytora has been operational since 2014, providing commercial insurers with an AI-based platform that helps them reduce their underwriting risk and improve customer service.
Other advantages of implementing AI for risk processing include:
- A reduction in processing time as AI can quickly analyze large data sets to identify patterns and correlations that would be difficult for humans to discern.
- Improved accuracy as AI is not biased by personal opinion or emotion and is able to make decisions based on empirical evidence.
- An enhanced understanding of customer risk profiles can help insurers price products more accurately and identify riskier customers who may need additional protection.
- Increased efficiency as AI can automate tasks that human underwriters would traditionally do.
- Better customer service as AI can help insurers quickly identify and respond to claims.
The use of AI-based risk processing is becoming increasingly common in the insurance industry as companies seek to improve their competitive edge.
The bottom line
As a heritage insurance company founded in 1890, Allianz brings a long history and a strong presence in the global market. And Cytora's AI-powered risk processing tool will give Allianz access to advanced technology to help reduce their operational costs and improve the overall experience.
"This is great news for our customers, intermediaries and underwriters. With the new technology, our underwriters can focus on the most value-adding tasks. And our customers benefit from better service and a quicker turnaround," added Jörg Hipp, Head of Business Transformation in Allianz SE's Global Commercial Group Center.
Allianz's partnership with Cytora is a sign that they are committed to embracing new technologies and adapting their business model to meet the needs of the digital age. In conclusion, the new partnership is a win-win for the two insurers and their customers.