Cytora, a leading digital risk processing platform, has partnered with Pelmorex Corp to enable commercial property insurance underwriters to access accurate, localised climate and weather predictive modelling directly via Cytora’s platform.
The integration is designed to help insurers account for the evolving risks associated with climate change, improving decision-making in underwriting and risk management, according to FF News.
Cytora specialises in digital risk processing, using proprietary AI and advanced analytics to streamline workflows for insurers.
Its platform helps insurers manage risk clearance, onboarding, triage, and other multi-step processes from submission to quote.
This collaboration with Pelmorex marks another step in Cytora’s mission to build a comprehensive data ecosystem for the insurance sector.
Recent milestones for Cytora include a collaboration with Chubb, an expanded partnership with Arch in North America, and the integration of Large Language Models (LLMs) to enhance underwriting and claims management.
Pelmorex brings decades of expertise in weather and climate data to this collaboration. The company’s predictive models provide insurers with critical insights to understand the impacts of changing weather patterns.
This capability is especially important as extreme weather events increase in frequency and intensity due to climate change.
The partnership allows insurers to operationalise weather and climate data across their business lines, streamlining workflows and enhancing the efficiency of risk assessments.
This development aligns with the growing demand for tools that enable insurers to balance their products effectively in a changing climate landscape.
Juan de Castro, COO at Cytora, said, “Commercial property insurance is becoming increasingly complex and difficult due to the rise of extreme weather driven by climate change. To combat this we need to arm insurers with more granular, accurate and real-time data to help them make the right decisions. This is why Pelmorex Corp is such an important integration for Cytora. It is one of the world’s largest weather data providers and has a host of powerful predictive models that are vital to risk assessment.”
Mark Gibbas, managing director of enterprise weather solutions at Pelmorex, added, “Pelmorex is excited to be partnering with Cytora to bring our climate risk intelligence data to the Cytora platform. While climate change has been progressing for the past several decades, over the most recent 10 years there has been significant increase in the frequency of high impact weather events caused by climate change, and as a result, insurers need more accurate and up to date weather and climate risk intelligence to properly balance their insurance products.”
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