The insurer aims to become a ’digitally enabled insurance company’
Markel UK and insurtech Cytora have teamed up in a bid to fast-track profitable growth.
The move will see Markel UK deploy Cytora’s risk assessment platform, to help streamline its risk intake across UK property and casualty lines.
The partnership plans to enable Markel to enhance its capacity, while giving brokers and end clients better service.
Neil Galjaard, Markel UK’s divisional managing director, 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.”
This follows Markel growing significantly over the past 24 months - it achieved five stars for the third consecutive year in 2021’s Insurance Times Five Star Rating Report: Commercial Lines.
Digitally enabled insurer
The Cytora platform will be a core part of Markel’s new business workflow, increasing the capacity for growth in target risk segments via a more effective quote and deal process.
This means that Markel’s underwriters can spend more time underwriting the most profitable risks because these will be digitally and automatically filtered and then streamed to the right underwriter.
Richard Hartley, chief executive of Cytora, added: “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 [its] transition to become a digitally enabled insurance company.”