TransRe has formed a partnership with Cytora to deploy Concierge, an AI-powered service, across its global facultative operations.
The platform is designed to scale facultative submission capacity, lower processing costs, improve data ingestion accuracy, and allow underwriting and claims teams to dedicate more time to complex risk decisions.
Richard Hartley (pictured above), CEO of Cytora, said risk digitization is reshaping core insurance workflows and creating a business model where premium growth is increasingly decoupled from expense growth.
Risk digitization has become a top technology priority for insurers in North America and the UK, with a recent survey showing 79% of executives expect to focus on it within the next two years.
Key anticipated benefits include revenue growth, increased processing capacity, and enhanced broker service, while manual data extraction remains one of the most cited operational inefficiencies.
“TransRe has a compelling vision to use generative AI as a foundation for business growth with improved control over risk selection and enhanced service. Our partnership will enable TransRe to drive profitable growth across their facultative business,” Hartley said.
The Cytora partnership also builds on TransRe’s recent restructuring of its data science capabilities. In 2024, the company created the TransRe Artificial Intelligence Team (TRAIT), led by its new chief artificial intelligence officer, Otakar Hubschmann, alongside Chief technology officer Socrates Pichardo, to accelerate adoption of AI, machine learning, and large language models in its operations.
“Facultative insurance is a high-flow business, and we have been impressed by the functionality and scalability of Cytora’s platform,” TransRe COO Matt Mahoney said.
The launch also comes shortly after Cytora introduced Unified Risk Reasoning, which automates pre-decisioning workflows by moving beyond data collection to reviewing, selecting, and finalizing the data fields used in risk decision-making.
Cytora said the technology will enable insurers, brokers, and reinsurers to speed up automation, improve efficiency, and lower costs.
Industry-wide analysis by ACORD estimates that AI integration could reduce expenses for property and casualty insurers by 14.6%, and for life insurers by an even higher margin, representing more than $480 billion in potential annual savings across the sector.
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