Applied Systems Acquires Cytora

Applied Systems (“Applied”) today announced that it has acquired Cytora, the leading digital risk processing platform for the insurance industry, to accelerate Applied’s vision of delivering the Next Generation of the Digital Roundtrip of Insurance. Bringing the power of Cytora’s AI-enabled risk digitization platform, specifically built for the insurance industry, together with Applied’s leading suite of insurance solutions for agencies, carriers, and MGAs will create intelligent automation, connectivity, and collaboration at each stage of the policy lifecycle. The result of this combination will unlock growth and create significant productivity for all stakeholders in the industry.   

“At Applied, we are committed to being the leading specialist in insurance AI solutions for both agencies and carriers,” said Taylor Rhodes, chief executive officer, Applied Systems. “Cytora is the ultimate example of insurance-focused AI. Their commitment to leveraging advanced AI capabilities to accelerate and streamline the digitization, exchange, and prioritization of risk data between agents and carriers fits perfectly with our vision of the Digital Roundtrip of Insurance. Our collective technology assets, insurance domain expertise, and vast insurance data sets – combined with the power of AI – will deliver speed, accuracy, and cost advantages across all the critical workflows involved in the insurance lifecycle. This move firmly establishes Applied as the leader in insurance AI.”

Cytora is a configurable platform that enables carriers, MGAs, and brokers to digitize their intake and streamline the full policy lifecycle – from submission to claims servicing, mid-term adjustments, endorsements, and renewals. The Cytora platform is AI-powered and turns information from disparate data sources – both structured (e.g., ACORD forms) and unstructured sources (documents, PDFs, Excel and CSV files, emails, images) – into decision-ready transactions fulfilling each participant’s view of risk. Cytora’s document-to-data platform enables users in both agencies and carriers to reduce the time and cost incurred in the most critical insurance workflows in radical ways. The acquisition expands Cytora’s ability to provide its platform to insurers, brokers, and reinsurers to digitize their entire intake on a global basis across countries, workflows and lines of business.  

Today, many leading carriers are partnering with Cytora to advance their vision for the frictionless onboarding of their intake into existing systems, including policy administration, rating engines and workflow tools. Carriers that work with Cytora have experienced significant cost reductions, a reduction in time to quote from weeks to hours and are getting more of the risks they want to quote. The outcome is a significant increase in written premium at more profitable levels. Together, Applied and Cytora have a compelling vision to extend these powerful insurance AI capabilities to the agency side of the market, making the Digital Roundtrip of Insurance better for everyone and transforming the industry so that it can spend less of its resources on inefficient processes and more resources on profitably insuring more of the world’s risks. 

“Cytora has focused on helping build a bigger, more impactful global insurance industry, enabling commercial insurers to accelerate the transition to digital risk flows so they can absorb higher volumes of risk, measurably increase written premium while reducing expenses and time to quote,” said Richard Hartley, CEO and co-founder, Cytora. “Our vision directly aligns with Applied’s vision to connect and automate the Digital Roundtrip of Insurance, and we are excited to join Applied to significantly expand the value of insurance AI at each stage of the risk lifecycle, bringing the industry closer together and enabling more profitable growth for all stakeholders.” 

Insurance Advisory Partners LLC acted as exclusive financial advisor to Cytora in this transaction.