This collaboration aims to empower marine insurers with access to an extensive database comprising 30 million importers and 27 million suppliers worldwide.
TradeAtlas specialises in collecting and analysing vast amounts of trade-related data, boasting a repository of 2.8 billion transaction records. This data encompasses crucial information such as shipment details, business addresses, HS codes, product definitions, prices, quantities, ports, and notifying parties.
The integration between Cytora’s risk processing platform and TradeAtlas’s comprehensive trade data will enable marine insurers to seamlessly incorporate this valuable information into their digital workflows. Consequently, insurers can conduct more thorough risk evaluations, leading to better-informed decision-making processes.
This partnership marks another strategic move by Cytora in its quest to establish one of the most comprehensive data ecosystems for insurers worldwide. Notably, it follows a period of substantial growth for Cytora, highlighted by significant collaborations with industry leaders like Chubb. Moreover, Cytora recently unveiled enhancements to its platform, incorporating Large Language Models (LLMs) alongside its proprietary AI, aiming to enhance accuracy and efficiency in risk assessment and underwriting processes.
Juan de Castro, COO at Cytora, said: “Our partnership with TradeAtlas brings a massive amount of critical data into the Cytora platform which can be leveraged to make better, faster and more seamless insurance decisions.
“We’re well on our way to building one of the insurance industry’s most comprehensive data ecosystems. It already offers any insurer a treasure trove of detailed information that will transform how they make decisions.”
Ali Emek, Founder and CEO of TradeAtlas, said: “We are delighted to partner with Cytora and have our data accessible through their leading-edge platform for the insurance industry. Being a part of this ecosystem along with all other valuable partners, I hope this would lead to a better and faster decision-making process for the whole industry, and a better world.”
