Cytora, a leading digital risk processing platform provider, has announced a new partnership with GeoSmart Information to respond to the growing challenges posed by climate change.
The partnership is set to address the increasing threat of flooding and frequent storms by integrating integrating GeoSmart Information’s detailed flood and climate risk data into Cytora’s platform, according to FF News.
This integration will allow insurers to evaluate flood risks at the individual property level, which is essential for accurate risk selection, claims certification, and premium pricing.
Through this move, Cytora aims to equip insurers with the tools needed to better assess and mitigate these risks, thereby improving underwriting accuracy and pricing.
The firm specialises in digital risk processing, providing a platform that enables insurers to streamline their operations through the use of artificial intelligence and machine learning.
Cytora’s mission is to build one of the world’s most comprehensive data ecosystems for insurers, helping them to manage risks more effectively.
This partnership with GeoSmart Information is part of Cytora’s broader strategy to enhance its platform’s capabilities. It follows a period of significant growth for Cytora, which has recently entered into a major collaboration with Chubb and launched a new platform enhancement that leverages Large Language Models (LLMs) along with Cytora’s proprietary AI.
Juan de Castro, COO at Cytora, said, “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with GeoSmart Information and the integration of their data into our platform is a testament to this commitment. At a time when there is heightened uncertainty as a result of climate change, it equips insurers with a powerful resource for understanding and mitigating flood and other environmental-related risks, ultimately helping them provide superior insurance solutions.”
Mark Fermor, Director at GeoSmart Information, remarked, “With flooding the biggest natural peril we face in the UK, and risks doubling this generation, it is vital that insurers access more complete flood risk data to inform pricing and underwriting and risk mitigation decisions. We are delighted to be working with Cytora to make our more complete property-level FloodSmart Analytics data accessible through their leading-edge platform for the insurance industry, helping to ensure an enhanced and faster decision-making process for Cytora’s customers when it comes to managing such risks effectively.”
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