Cytora is an AI-powered platform for commercial insurance underwriting.  Credit: Gerd Altmann from Pixabay.

Markel UK has teamed up with Cytora, an AI-powered insurtech platform, to streamline its risk intake across the UK property and casualty lines.

Markel will leverage Cytora’s technology to enhance capacity, drive growth and offer better services to clients and brokers.

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Markel stated that the platform will form a core part of its new business workflow aimed at increasing the capacity for growth in target risk segments.

Markel UK divisional managing director Neil Galjaard said: “At Markel, we are committed to giving brokers and clients enhanced service levels and Cytora will enable us to create capacity to effectively grow our scale in our key sectors and enable our underwriters to provide further enhanced service to customers and brokers.”

Cytora CEO Richard Hartley said: “The commercial insurance industry is undergoing a fundamental transformation. We’re excited to partner with Markel, building on the success of our relationship so far and accelerate their transition to become a digitally-enabled insurance company.”

In June 2019, Cytora partnered with speciality insurer and reinsurer Convex Group to develop artificial intelligence (AI)-powered solution for the commercial insurance sector.

Prior to that in April, London-based Cytora secured £25m ($32.6m) in a funding round, which was led by EQT Ventures.