C-Quence, the digital managing general agent (MGA), and Cytora, the insurtech startup that operates an artificial intelligence-powered platform, are joining forces to “turbocharge innovation” in commercial property & casualty (P/C) underwriting.
C-Quence will launch its P/C suite in January using Cytora’s property application program interfaces (API) to instantly connect hundreds of property, location and other data attributes to each P/C submission to gain a more complete view of risk.
This means that brokers can expect a similar experience for P/C that they currently enjoy with C-Quence’s financial lines products, namely:
- significantly fewer underwriting questions
- fast, efficient turnaround with quote to bind in minutes
- fast handling of referrals in minutes not days
- early notification of any declinatures during quotation process
- accurate setting of terms and price for every risk based on quality data enriched by Cytora
- drastically reduced transaction costs.
“This is a weighty partnership between two organizations that have a similar ambitious vision for the future of commercial insurance. Individually we are both making a difference,” said Jacqueline McNamee, CEO of C-Quence, which is headquartered in London. “By combining our considerable capabilities, we are confident of accelerating long needed transformation in our industry, helping brokers to place risk more easily and providing a more efficient trading experience.”
“Our partnership with C-Quence marks an important step in the digitization of mid-market insurance. Cytora was built to make it easier for companies like C-Quence to reinvent the status quo, embracing technology to build better customer experiences and a better understanding of risk,” said Richard Hartley, CEO of London-based Cytora. “We believe C-Quence is going to drive significant positive change across the industry. We have been working with them closely for some time, and it’s a pleasure to announce this partnership.”
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