Adrian Spieler, COO

The Artificial Intelligence (AI) powered solutions for business insurance will prove profitable for the clients.

FREMONT, CA: A company that transforms underwriting for commercial insurance Cytora has partnered with Convex Groups to develop artificial intelligence (AI) powered solutions for business insurance.

Headquartered in London, Convex is an international specialist insurer and reinsurer. Convex will utilize the AI-driven platform of Cytora to improve its commercial underwriting process. The convex group is building an efficient and data-driven underwriting process, which provides the best possible products to our customers. Cytora’s cutting edge infrastructure will be able to deliver upon the key strategic goals in an ever-changing landscape.

Cytora is creating a powerful platform for commercial insurance. In this world of uncertainty, insurance provides confidence to the businesses. Through the platform of Cytora, insurers can deliver efficient, accurate underwriting, and seamless customer experiences. Partnering with Convex will accelerate this transformation.

Businesses need business insurance to save themselves from costly payments for damages and to cover the expense of property damage and liability claims. The necessary guarantees required for the owners are business owner’s policy, commercial liability, business income insurance, workers’ compensation.

Adrian Spieler, COO at Convex said, “At Convex, we are building an efficient and data-driven underwriting process, which from day one will enable us to provide the best possible products to our customers. By harnessing Cytora's cutting edge infrastructure, we will be able to deliver upon our key strategic goals in an ever-changing landscape.”

The industries are on the verge of digitalization and tech-driven shift.  AI can serve the business industry through machine learning and deep learning.  AI serves the following purposes: AI improves the speed of the task; it provides new insights to manage risks, optimize the service by delivering the next best action. AI is beneficial for all in the sector underwriter, customer, or owner.

Organizations can attain considerable growth by adopting AI in a feasible and valuable manner. It is expected that in future most sections of industries will be handled by Artificial Intelligence, as it is attracting the people.

The adoption of AI in the insurance industry can facilitate sudden damage analysis, selection of better investments on different patterns, asset management, risk calculation, risk prevention, optimization of customer investments, and many more.

By leveraging Artificial Intelligence in Insurance, insurers can deal with skyrocketing labor costs, competition with new startups, regulatory requirements, and changing customer expectations efficiently.