QBE Insurance and Starr Companies have joined CIC to invest in Cytora as it prepares to launch a risk assessment engine for property and casualty insurance.
Cytora, a UK-based insurance technology spinout of Cambridge University, raised £4.4m ($5.9m) yesterday in a round backed by Cambridge Innovation Capital (CIC), a patient capital fund affiliated with the university.
Insurance firm QBE Insurance and financial services conglomerate Starr Companies also provided funding for the round.
Cytora’s risk assessment engine uses language processing and machine learning to identify insurance risks in data held both internally and externally by insurers. The system aims to reduce the ratio between insurance claims and…
