The latest partnership news from Cytora;
Cytora, the leading digital risk processing platform, has partnered with global catastrophe risk modeling and solutions company Moody’s RMS.
The integration will enable P&C underwriters to gain unprecedented insights into climate and natural disaster risk. Moody’s RMS Location Intelligence API provides catastrophe peril insights in over 100 countries and will be integrated directly into Cytora’s risk processing platform. This will enable insurers to make much faster and more accurate assessments.
With insurance losses from natural catastrophes topping $100 billion for each of the last four years, the need for natural and manmade catastrophe and climate change risk insights has never been more important to the insurance industry. Cytora and Moody’s RMS partnership aims to empower underwriters with instant access to a host of critical model derived data points on climate and natural disaster risk.
By integrating Moody’s RMS data into Cytora’s platform, insurers will be able to operationalize 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. This allows insurers to unify their risk data, digitize their core workflows and make better-informed decisions on risk and improve speed to market.
The tie up is the latest integration partnership Cytora has agreed as the insurtech seeks to build one of the world’s most comprehensive data ecosystems for insurers. It also follows a period of significant growth for Cytora including agreeing to a major collaboration with Chubb, and the launch of the latest enhancement to its platform, which leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.
Richard Hartley, CEO and co-Founder of Cytora, said: “Natural and manmade catastrophes, influenced by a changing climate, are bringing a huge range of difficult challenges to the insurance industry that are only going to grow. Unchecked, customers face soaring reinsurance costs and even the prospect of becoming uninsurable. The insurtech industry can play a vital role in helping insurers overcome these challenges.”
Michael Richitelli, Managing Director – Global Insurance Sales at Moodys, said, “The changing catastrophe risk landscape means it’s more important than ever for insurers to accurately assess the impact of catastrophe risk as part of the risk selection and pricing process. By leveraging the same rich science that underpins our probabilistic models, Location Intelligence ensures that quality analytics are being used early in the underwriting process.
The partnership with Cytora provides an exciting opportunity to combine advances in technology with Moody’s RMS’ catastrophe model science. Together these solutions can improve both underwriting productivity and performance.”
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