This collaboration aims to revolutionise the insurance market by integrating advanced AI technology into risk assessment processes.
The integration will empower Cytora to leverage Veridion’s rich business data, offering insurers enhanced insights into crucial factors like pricing. By incorporating Veridion’s data into the underwriting workflows, insurers can make more informed decisions, ultimately leading to improved risk assessment and pricing accuracy.
Key benefits of this integration include access to Veridion’s comprehensive global business data, providing detailed insights into various business attributes, including product and service details, industry classifications, and registry insights. The streamlined underwriting process ensures that underwriters have direct access to essential business data within the Cytora platform, reducing manual data gathering and enhancing overall workflow efficiency.
This partnership announcement comes on the heels of Cytora’s notable growth, marking a significant milestone in its evolution. Notably, Cytora has recently introduced enhancements to its platform, incorporating Large Language Models (LLMs) alongside its proprietary AI. This integration promises to bring unprecedented accuracy and efficiency to risk assessment and underwriting processes.
Over the past year, Cytora has solidified its position in the industry through key partnerships with major carriers such as Allianz and Markel. The company has also forged collaborations with prominent data providers, including Moody’s, and established a foothold in the tech domain through partnerships with platforms like hyperexponential and JBA.
Juan de Castro, COO of Cytora, said: “At Cytora, our mission is to transform the insurance industry by helping insurers implement digital risk flows. Having the accurate, robust data ready at underwriters’ fingertips is a crucial part of that. Our partnership with Veridion and the integration of their business data into our platform is a significant step in this direction. It equips underwriters with valuable insights into business risks, allowing them to make more informed decisions. This collaboration exemplifies our commitment to empowering insurers with the tools they need to thrive in a dynamic marketplace.”
Riyaz Nakhooda, VP of Customer Solutions at Veridion also commented, saying: “We are thrilled to partner with Cytora to help modernize commercial insurance underwriting. By integrating Veridion’s AI-powered business data into Cytora’s platform, we are not just providing insurers and brokers with immediate access to vital data; we are also empowering them to make more informed decisions faster than ever before.”
He added: “The immediate value lies in improving business classifications, risk assessment accuracy, and pricing precision for any private company with a digital presence across the globe.”
Author: Joanna England
