Convex Group, Stephen Catlin and Paul Brand's new specialty re/insurer, has partnered with UK-based insurtech Cytora to develop artificial intelligence-powered solutions for the commercial insurance industry.
According to Convex the partnership will enable it to enhance its underwriting process by using Cytora’s platform that claims to provide a complete and more accurate view of risk.
Convex was launched in April 2019 with an initial capital commitment of $1.8 billion, and is based in the UK and Bermuda. It underwrites insurance and reinsurance for complex specialty risks across a diversified range of business lines, and aims to build a digitally-enabled insurance company that is free from legacy systems and processes.
The start-up recently signed a long-term strategic contract with WNS Holdings to build what it describes as a first-of-its-kind, integrated "Platform + BPM (business process management) as-a-service" proposition.
“At Convex, we are building an efficient and data-driven underwriting process, which from day one will enable us to provide the best possible products to our customers,” said Adrian Spieler, COO at Convex. “By harnessing Cytora’s cutting edge infrastructure, we will be able to deliver upon our key strategic goals in an ever-changing landscape.”
Richard Hartley, CEO at Cytora said: “The commercial insurance industry is undergoing a fundamental shift that puts customers and data at the forefront. We’re excited to be partnering with Convex as they accelerate this transformation, and to provide them with the tools they need to better serve customers in the years to come.”
Convex, Stephen Catlin, Cytora, technology, partnership