Applied Systems buys insurtech

Applied Systems announced Tuesday it acquired Cytora, a London-based insurtech.

Terms of the transaction were not disclosed.

Cytora, with more than 100 employees, is a digital risk processing platform for the insurance industry.

The AI-powered platform enables insurers, managing general agents and brokers to digitize intake and streamline the entire policy lifecycle, from submission to claims servicing, mid-term adjustments, endorsements and renewals.

“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,” Applied Systems CEO Taylor Rhodes said in a statement.

The deal expands the reach of Cytora’s platform, enabling insurers, brokers and reinsurers to digitize intake on a global basis across countries, workflows and lines of business, Applied Systems said.