ZestyAI integrating with Cytora will enable commercial insurance underwriters with the analytics and risk scores they need to assess and managed climate-related risks.
Natural disasters were once “secondary perils” but events such as wildfires, severe storms and hail are growing concerns.
ZestyAI offers comprehensive climate risk models that account for all factors impacting a property’s value and its susceptibility to natural disasters.
Benefits of the ZestyAI and Cytora collaboration include:
- Comprehensive climate risk assessment;
- Enhanced risk management, and
- Faster, more consistent decisions.
Juan de Castro, COO of Cytora, said: “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with ZestyAI and the integration of their climate models into our platform is a testament to this commitment. It equips insurers with a powerful resource for understanding and mitigating climate-related risks, ultimately helping them provide superior insurance solutions.”
Attila Toth, founder and CEO of ZestyAI added: “Climate risk is threatening the stability of the insurance industry, costing hundreds of billions of dollars annually. By offering an approach rooted in materials science and atmospheric science to major challenges like wildfires and severe convective storms, we are bringing greater understanding and accuracy to underwriting and enhancing the insurance industry’s ability to manage these risks effectively. We are honored to be able to make our climate models available to Cytora customers.”
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In November 2023, Cytora and AI business data firm Veridion teamed up.
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.