The integration between Cytora and Veridion will enable the former to provide the latter’s data to its customers.
Therefore, insurers will be able to utilise deeper insights on a range of business metrics into underwriting, leading to better decisions.
Key benefits of the partnership include:
- Global business data;
- Streamlined underwriting, and
- Data-driven decision making.
In addition, this partnership with Veridion comes after a time of growth for Cytora and the launch of the latest enhancement to the platform. It can now leverage large language models (LLMs) alongside Cytora’s proprietary AI to bring higher levels of accuracy and efficiency to risk assessment and underwriting processes.
In the past year, Cytora has signed a series of partnerships with firms such as Allianz and markel.
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.”
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Riyaz Nakhooda, VP of customer solutions at Veridion, added: “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. 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”