C-Quence will launch new P&C underwriting suite next year using Cytora’s Property API
C-Quence, a UK-based insurtech startup, has partnered with Cytora have joined hands to launch commercial property & casualty (P&C) underwriting in the UK.
Early next year, C-Quence will launch its property & casualty suite on Property API of Cytora to instantly connect hundreds of property, location and other data attributes to each P&C submission to obtain a complete view of risk.
Along with other data sources, it will be fed into the algorithms that underpin C-Q Elements, C-Quence’s technology-enabled underwriting and transaction platform.
The new platform is expected to provide brokers with a similar experience in P&C, which is currently being enjoyed with Financial Lines products of C-Quence.
C-Quence CEO Jacqueline McNamee said: “This is a weighty partnership between two organisations that have a similar ambitious vision for the future of Commercial Insurance. Individually we are both making a difference.
“By combining our considerable capabilities we are confident of accelerating long needed transformation in our industry, helping brokers to place risk more easily and providing a more efficient trading experience.”
The new suite could come up with binding quote within minutes
The advantages of the suite will include lesser underwriting questions, fast and efficient turnaround with quote to bind in minutes, quick handling of referrals within minutes, and early notification of any declinatures during the quotation process.
The benefits will also include the accurate setting of terms and price for every risk is based on quality data enriched by Cytora.
Cytora CEO Richard Hartley said: “Our partnership with C-Quence marks an important step in the digitisation of mid-market insurance. Cytora was built to make it easier for companies like C-Quence to reinvent the status quo, embracing technology to build better customer experiences and a better understanding of risk.
“We believe C-Quence is going to drive significant positive change across the industry, we have been working with them closely for some time, and it’s a pleasure to announce this partnership.”