As flooding continues to pose significant challenges in property insurance, the partnership will provide insurers with access to high-quality, detailed environmental data, crucial for assessing and mitigating flood-related risks.
GeoSmart Information is renowned for its advanced flood risk maps and data, which offer precise, property-level risk assessments. With climate change driving an increase in storms and flood events, this data is becoming increasingly essential for underwriters in the property insurance sector. The integration of GeoSmart Information’s data into Cytora’s platform will enable insurers to conduct more comprehensive risk evaluations, aiding in risk selection, claims certification, and the accurate pricing of flood risk premiums.
The partnership is the latest in a series of strategic alliances for Cytora, underscoring its commitment to building one of the most extensive data ecosystems in the insurance industry. It follows a period of significant growth for Cytora, highlighted by a major collaboration with Chubb and the recent launch of a platform enhancement that incorporates Large Language Models (LLMs) with Cytora’s proprietary AI. These advancements are designed to improve efficiency in risk assessment, underwriting, and claims management processes.
Through the integration of GeoSmart Information’s data, Cytora continues to equip insurers with the tools they need to navigate the complexities of flood risk in an era of increasing climate uncertainty.
Juan de Castro, COO at Cytora, said: “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with GeoSmart Information and the integration of their data into our platform is a testament to this commitment. At a time when there is heightened uncertainty as a result of climate change, it equips insurers with a powerful resource for understanding and mitigating flood and other environmental-related risks, ultimately helping them provide superior insurance solutions.”
Mark Fermor, Director at GeoSmart Information, said: “With flooding the biggest natural peril we face in the UK, and risks doubling this generation, it is vital that insurers access more complete flood risk data to inform pricing and underwriting and risk mitigation decisions.”
He added: “We are delighted to be working with Cytora to make our more complete property-level FloodSmart Analytics data accessible through their leading-edge platform for the insurance industry, helping to ensure an enhanced and faster decision-making process for Cytora’s customers when it comes to managing such risks effectively.”
Source: Cytora
