(Image source: Octave Specialty Group website.)
Octave Specialty Group (New York) has selected Cytora (London) to support risk processing and workflow automation across its MGA platform.
Randy Paez, CIO, Octave.
Octave will use Cytora’s configurable, AI-driven risk processing and workflow automation capabilities to provide operational infrastructure for new MGA launches, according to a Cytora statement. The technology is intended to help Octave reduce time to market with preconfigured digital insurance stacks and scale risk processing across its MGA portfolio.
“Data is a foundational element of specialty insurance, and coupling it with AI is changing how we build and scale MGAs,” comments Randy Paez, CIO, Octave. “Cytora gives us the front end of the AI-driven stack that turns unstructured submissions into decision-ready risk, compresses time-to-market for every MGA we launch, and enables us to further scale our operations.”
Turnkey Operating Model
Juan de Castro, COO, Cytora.
Octave is a global specialty insurance platform that builds, buys and scales managing general agencies. The company says Cytora will support its effort to create a turnkey operating model for MGA formation and growth.
“Octave is one of the industry leaders in embracing new technology to transform its business operations and enhance the experience of its partners and customers,” comments Juan de Castro, Chief Commercial Officer, Cytora. “We are delighted to be part of this journey and look forward to supporting Octave as it continues to develop one of the world’s most advanced MGA ecosystems.”
Cytora provides a digital risk processing platform for commercial insurers. The company’s technology digitizes submissions, augments risk data and routes decision-ready risks into underwriting workflows.