Insurtech Cytora announced that the company has been acquired by Applied Systems, a world leader in technology for the risk and insurance industry. This is a growth acquisition for Applied accelerating the shared vision of delivering the Digital Roundtrip of Insurance.
Cytora will become a business unit within Applied, continuing to operate as Cytora and develop and scale our platform on a global basis. With the expanded resources at our disposal, we will accelerate our roadmap and scale our platform across all markets, countries and lines of business, with Applied acting as a force multiplier for our mission to digitize risk across the risk and insurance chain.
Applied massively accelerates our mission to digitize how risk flows and enabling brokers, insurers, reinsurers to digitize their intake, authoring their view of risk across the lifecycle.
Applied is the leading technology company focused on insurance with an ambitious growth agenda. Having invested more than $1.5 billion in organic and inorganic growth in the past five years, the company is the market leader in all of its operating markets and backed by world-class investors including Google, Stone Point, and Hellman & Friedman.
Richard Hartley
CEO, Cytora
“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.”
Taylor Rhodes
CEO, Applied Systems
“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.”
