TransRe Integrates Cytora AI to Expand Facultative Operations
TransRe has partnered with Cytora to implement Concierge, an AI-driven platform, across its global facultative reinsurance operations. This move aims to increase submission capacity, reduce operational costs, and improve the accuracy of data ingestion. By automating routine tasks, underwriting and claims teams can focus more on evaluating complex risks.
Enhancing Efficiency Through Risk Digitization
Richard Hartley, CEO of Cytora, highlights that digitizing risk processes is reshaping insurance workflows. This approach enables premium growth without a corresponding rise in expenses. A recent survey found that 79% of insurance executives in North America and the UK plan to prioritize risk digitization within two years. Key benefits include increased revenue, higher processing capacity, and better broker services.
Manual extraction of data remains a major operational bottleneck. Cytora’s platform addresses this by automating data handling, which improves both speed and accuracy.
Building on AI Capabilities
TransRe’s adoption of Cytora builds on its 2024 restructuring to accelerate AI use. The company formed the TransRe Artificial Intelligence Team (TRAIT), led by Chief AI Officer Otakar Hubschmann and CTO Socrates Pichardo. Their goal is to embed AI, machine learning, and large language models deeply into TransRe’s processes.
Matt Mahoney, TransRe’s COO, noted that facultative insurance operates at high volume, and Cytora’s platform meets the scalability and functionality demands of this business.
Introducing Unified Risk Reasoning
Shortly before this partnership, Cytora launched Unified Risk Reasoning, which automates pre-decision workflows. This technology goes beyond simple data collection, helping to review, select, and finalize the specific data fields insurers use for risk decisions. The result is faster automation, improved efficiency, and lower costs for insurers, brokers, and reinsurers.
Industry Impact and Cost Savings
According to ACORD’s industry-wide analysis, integrating AI could reduce expenses by 14.6% for property and casualty insurers. Life insurers may see even greater savings. Overall, this points to potential annual cost reductions exceeding $480 billion across the insurance sector.
- Increased submission capacity
- Lowered processing costs
- Improved data ingestion accuracy
- More focus on complex risk evaluation
- Automation of pre-decision workflows
For insurance operations professionals interested in how AI can streamline workflows and cut costs, exploring platforms like Cytora’s Concierge is a practical step. Learning more about AI applications in insurance can be found at Complete AI Training.
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