Through this integration, underwriters will gain deeper insights into artwork valuations, price variations, liquidity, and associated risks such as condition and authenticity. This enhanced data access aims to improve risk evaluation and decision-making capabilities.
This collaboration is part of Cytora’s ongoing expansion of its data ecosystem for insurers, following key partnerships with Chubb and the expansion of its Arch partnership into North America. Additionally, Cytora recently launched platform enhancements, including the integration of Large Language Models (LLMs) with its proprietary AI, bringing a new level of efficiency to risk assessment, underwriting, and claims management.
Juan de Castro, COO of Cytora, commented: “The complexity of art insurance, driven by inaccessible data and fluctuating valuations, makes assessing risk a challenging task. Our partnership with Overstone addresses these challenges, enabling underwriters to make faster, more accurate decisions.”
Harco van den Oever, CEO of Overstone, added: “We are thrilled to partner with Cytora, a leader in digital risk processing. Our longstanding relationships with major insurers and private banks have equipped us with a wealth of expertise in art data and risk management. This integration will broaden access to Overstone’s insights, benefiting a wider audience within the insurance sector.”
