Digital risk processing platform Cytora has partnered with financial intelligence and analytical tools provider Moody’s Analytics to streamline risk in insurance.
Through the deal, the pair hope to provide commercial insurance companies with a streamlined and informed understanding of risk.
Data from Moody’s platform will be pre-integrated into the Cytora platform, so insurers access a superior risk selection driving uplift to GWP. Insurers benefit from access to Moody’s Analytics data and insights within Cytora’s risk digitisation platform, enabling enhanced data insights and faster decision-making.
Speaking on the partnership, Moody’s Analytics managing director James Ingram said, “Chief underwriting officers we speak with are investing in data and analytics to improve risk selection, enhance the customer experience and increase cost efficiencies. Data management is fundamental to achieving these objectives.
“The Moody’s partnership with Cytora brings advanced technology and valued data assets together to enable insurers to unlock competitive advantage in their underwriting workflows. We’re excited about the potential this will deliver for our customers and what it means for overcoming data challenges that confront the wider industry.”
Moody’s stated that its platform has a track record of transforming how insurers access company information to evaluate and manage risk. Integration of data sources like Moody’s into risk processing workflows means insurers can digitise their core workflows, make more informed decisions and enhance the broker and client experience.
Cytora’s digital risk processing platform enables insurers to operationalise data more broadly across their lines of business, including risk clearance, onboarding and triage.
FinTech Global recently spoke to Chor Teh – financial crime compliance industry practice lead at Moody’s Analytics – about the importance of onboarding within customer-centricity. Teh said, “KYC and onboarding isn’t just about data capturing at the initial stages. It is intrinsically linked to the rest of the client journey, from the KYC onboarding reviews, peer checking, and then offboarding and transaction monitoring.” Read the full article here.
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