The integration between Cytora and Vespia will provide commercial insurance underwriters with deeper insights into business risks associated with anti-money laundering (AML) regulations and sanctions.
Furthermore, integration of data sources like Vespia directly into risk processing workflows enables insurers to digitise their core workflows, make decisions with better information, and improve speed to market.
In addition, the integration follows a period of significant growth for Cytora, and the launch of the latest enhancement to the platform, leveraging Large Language Models (LLMs) alongside Cytora’s AI to bring more accuracy and efficiency to risk assessment and underwriting processes.
Juan de Castro, COO at Cytora, said: “We are committed to transforming the insurance industry by harnessing data and analytics. Our partnership with Vespia shows how we are making a wide array of data available to our customers including adverse media screening, PEPs and sanctions and UBO verification to equip insurers with the latest tools to address complex risks. We believe that together, we can revolutionise underwriting and improve the resilience of businesses and communities.”
Julia Ront, CEO at Vespia, added: “Vespia’s integration with Cytora’s cutting-edge platform represents a milestone in our journey towards redefining the AML compliance landscape. Our advanced AI-driven analytics are not just enhancing the underwriting process; they are reshaping the future of risk assessment. By providing granular insights and a more holistic view of potential risks, we empower insurers to navigate the complex regulatory environment with confidence and precision.”
In November 2023, Cytora made two big partnership moves. It partnered with ZestyAI, a firm that leverages AI for property risk assessment.
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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.
It also collaborated with AI business data firm Veridion.
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.