Cytora, a leading digital risk processing platform, has announced a partnership with ZestyAI designed to bolster commercial property underwriting.
The collaboration will see ZestyAI’s solution integrated into the Cytora platform to provide underwriters with the essential analytics and risk scores required for evaluating and handling climate-related risks effectively.
These cutting-edge analytics and risk scores are crucial for assessing and managing climate-related risks in today’s evolving insurance landscape.
The move is driven by the escalating concerns within the commercial property insurance sector due to increased losses arising from what were previously considered secondary perils, such as wildfires, severe storms, and hail.
The integration of ZestyAI’s climate risk models into Cytora’s platform is anticipated to provide several key benefits to insurers:
- Comprehensive Climate Risk Assessment: ZestyAI’s climate models within the Cytora platform offer insurers a holistic view of a property’s risk exposure to natural disasters.
- Enhanced Risk Management: Commercial carriers gain a more accurate understanding of climate risk, allowing better control over risk selection and the provision of tailored insurance solutions.
- Faster, More Consistent Decisions: The integration expedites carrier workflows, facilitating efficient processing of risks and scaling underwriting capacity as needed.
Cytora stands at the forefront of digital risk processing, empowering insurance companies with innovative solutions to enhance risk assessment and management. On the other hand, ZestyAI is recognised for its groundbreaking use of AI in evaluating property risk specifically related to climate impacts.
Meanwhile, ZestyAI pioneers the use of artificial intelligence in assessing property risks specifically related to climate impacts. This collaboration aims to offer commercial insurance underwriters unprecedented access to precise analytics and risk evaluations.
Juan de Castro, COO of Cytora, said, “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with ZestyAI and the integration of their climate models into our platform is a testament to this commitment. It equips insurers with a powerful resource for understanding and mitigating climate-related risks, ultimately helping them provide superior insurance solutions.”
Attila Toth, Founder and CEO of ZestyAI added, “Climate risk is threatening the stability of the insurance industry, costing hundreds of billions of dollars annually. By offering an approach rooted in materials science and atmospheric science to major challenges like wildfires and severe convective storms, we are bringing greater understanding and accuracy to underwriting and enhancing the insurance industry’s ability to manage these risks effectively. We are honoured to be able to make our climate models available to Cytora customers.”
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