Cytora, a leading digital risk processing platform, has announced a partnership with Meetrisk to enhance marine insurers’ access to advanced tools for better risk evaluation and management.
The integration of Meetrisk’s Marine Platform into Cytora’s underwriting productivity tool aims to address the increasingly complex challenges faced by marine insurers, according to FF News.
These challenges are primarily driven by the fragmented nature of the shipping industry and growing geopolitical and climate-related risks. By offering improved risk evaluation, the partnership helps insurers mitigate these growing uncertainties.
Cytora specialises in developing advanced technology that optimises risk processing and underwriting workflows for insurers.
Its platform leverages artificial intelligence (AI) and large language models (LLMs) to enhance risk assessment accuracy and streamline decision-making for insurance companies.
Meetrisk, on the other hand, provides cutting-edge intelligence for the marine sector, focusing on delivering highly detailed risk assessments.
Their platform offers tools such as marine risk scoring, war zone insurance management, automatic value accumulation calculations, and international sanctions screening for vessels.
This partnership marks a key step in Cytora’s broader mission to build a global data ecosystem for insurers, continuing its efforts to integrate new data sources and technologies into its platform.
It also follows a recent collaboration with Chubb and the launch of a new AI-powered enhancement to Cytora’s platform, further solidifying its position as a leader in FinTech innovation for insurers.
Meetrisk’s advanced capabilities will help insurers make faster, more informed decisions by improving the precision of risk evaluations for vessels, fleets, and portfolios.
This collaboration promises to strengthen insurers’ competitive edge in the global marine industry, enabling them to navigate growing uncertainties more effectively.
Cytora COO Juan de Castro commented on the collaboration, “Incorporating Meetrisk’s suite of critical data into our platform is an important milestone for Cytora. Meetrisk’s sophisticated risk assessment capabilities for the marine insurance industry perfectly complement our mission to optimise underwriting workflows, and we are delighted to be working together to support more insurers as they enhance their competitive edge, with the ability to make quicker, better-informed decisions.”
Laurent Barbagli at Meetrisk added, “Our collaboration with Cytora represents a significant step forward in applying data to solve complex problems in marine insurance. Together, we will enable insurers to navigate the current uncertainties of the global marine industry with greater confidence and precision.”
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