Latest news from Cytora;
Cytora, the leading digital risk processing platform, has partnered with Vespia, a provider of compliance data. The integration will provide commercial insurance underwriters with deeper insights into business risks associated with anti-money laundering (AML) regulations and sanctions. Integration of data sources like Vespia directly into risk processing workflows enables insurers to digitise their core workflows, make better-informed decisions on risk and improve speed to market; enhancing broker and client experience.
Cytora’s platform enables insurers to operationalise data more broadly across their lines of business, (including for risk clearance, onboarding and triage) and more effectively through their multi-step workflows from submission to quote, enabling underwriters to make faster, more informed decisions.
The integration follows a period of significant growth for Cytora, and the launch of the latest enhancement to the platform, leveraging Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes. In the past year, Cytora has inked a series of partnerships with companies including Allianz, Veridion, HDI Global, hyperexponential and JBA.
Juan de Castro, COO at Cytora, said: “We are committed to transforming the insurance industry by harnessing data and analytics. Our partnership with Vespia shows how we are making a wide array of data available to our customers including adverse media screening, PEPs and sanctions and UBO verification to equip insurers with the latest tools to address complex risks. We believe that together, we can revolutionize underwriting and improve the resilience of businesses and communities.”
Julia Ront, CEO at Vespia, said: “Vespia’s integration with Cytora’s cutting-edge platform represents a milestone in our journey towards redefining the AML compliance landscape. Our advanced AI-driven analytics are not just enhancing the underwriting process; they are reshaping the future of risk assessment. By providing granular insights and a more holistic view of potential risks, we empower insurers to navigate the complex regulatory environment with confidence and precision.”
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