The partnership will allow commercial, agricultural, and residential property insurance underwriters to have instant access to swathes of critical data points on buildings in the US, enabling them to provide more accurate rebuild cost estimates. e2Value has a patented web-based valuation platform to help insurers more accurately estimate rebuild costs.
The system analyses a huge range of data points including the age, height, occupancy type, use, number of floors, location, structural detail, and safety features of buildings. The platform also has detailed information on important factors playing a role in a property’s valuation such as local median ages and amenities.
Through the integration, e2Value’s data will be directly inputted into Cytora’s risk processing platform. This will allow insurers to operationalise the data more holistically across their lines of business and more effectively through the lifecycle of their workflows from submission to quote. As a result, they will achieve faster and more accurate risk assessments whilst enhancing the customer experience.
The partnership is the latest in a series of integrations Cytora has secured as part of its aim to build one of the most comprehensive insurance data ecosystems in the world.
Juan de Castro, COO at Cytora, commented: “This is another great step on our expansion plan in the US. It is the latest in a series of partnerships with innovative US companies that is rapidly increasing our data ecosystem. e2Value has a very powerful solution which leverages an impressive amount of information to take a lot of the risk and complication out of property insurance.”
Skip Coan, SVP at e2Value, added: “We’ve watched Cytora for a while and are thrilled to offer their ecosystem our property solutions with their move to the US. A key to great underwriting is actionable information. Cytora offers a terrific platform for insurers to consume data for better decisions. We see it as another way to offer great solutions for great companies.”
