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Cytora partners with Octave Specialty Group on AI for MGAs
The deal is designed to cut the time needed to launch new managing general agents by using AI to convert unstructured submissions into underwriting-ready data.
Cytora, a UK insurance technology firm focused on digital risk processing, has entered a strategic partnership with Octave Specialty Group, a specialty insurance platform that invests in, acquires, and grows managing general agents.
Under the agreement, Cytora will supply its AI-powered risk processing and workflow automation platform to support Octave’s operations, including a pre-configured digital insurance framework intended to speed new MGA launches and increase processing capacity across Octave’s portfolio.
The companies said the technology will streamline insurance submissions by automating workflows with artificial intelligence, converting unstructured information into data intended to be used more efficiently across the underwriting process.
Octave Specialty Group’s CIO, Randy Paez, said data is foundational to specialty insurance and that combining it with AI is changing how MGAs are built and scaled, while Cytora’s chief commercial officer, Juan de Castro, said Octave is embracing new technology to improve partner and customer experiences.