London, UK; 27th March 2024: Cytora, the leading digital risk processing platform, has partnered with the UK’s leading property data bureau Chimnie. The partnership will enable property insurers to make faster and more accurate decisions.
Chimnie has one of the UK’s largest property datasets - including detailed information on a building's construction, physical attributes, topology, valuation, risk and perils, demographics and environment. The integration will bring this crucial data directly into Cytroa’s risk processing platform. This will enable property underwriters to seamlessly bring it into their digital workflows, resulting in more comprehensive risk evaluation and better decision-making.
Chimnie’s datasets are powered by AI modelling and combine information from a large range of sources including HM Land Registry, Royal Mail, the NHS, Ordnance Survey and British Geological Survey.
The Chimnie tie up is the latest integration partnership Cytora has agreed as the insurtech seeks to build one of the world’s most comprehensive data ecosystems for insurers. It also follows a period of significant growth for Cytora including agreeing a major collaboration with Chubb and the launch of the latest enhancement to its platform which leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.
Juan de Castro, COO at Cytora, said: “Cytora is on a mission to provide insurers with a range of best in class AI driven solutions powered by a world leading data ecosystem. Our partnership with Chimnie is a big step forward towards achieving this goal. Chimnie’s team have built the UK’s most comprehensive property dataset and, by integrating it into Cytora’s platform, underwriters can instantly leverage this critical information to make faster and more intelligent decisions.”
Tomás Arribas, CTO at Chimnie, said: "We are delighted to announce our strategic partnership with Cytora which will leverage Chimnie's industry-leading geospatial and property data to enhance Cytora's insurance risk assessment capabilities. Our comprehensive data will empower Cytora to streamline the validation of insurance submissions, perform in-depth evaluations of relevant risk parameters, and ultimately support insurers in making more accurate underwriting and pricing decisions and deliver long-term value to both Cytora and its customers."
