London, UK; 12 September 2024: Cytora, the leading digital risk processing platform, has partnered with Mitiga Solutions, a leading provider of science-based climate risk intelligence.
The partnership will mean insurers have access to EarthScan’s asset-level climate risk intelligence data through Cytora’s platform at a time when the threat of climate change is a key concern for businesses and new regulations mandate insurance players and their clients to disclose their exposure to climate risk. EarthScan is Mitiga’s on-demand climate risk analysis platform. It leverages data modelling, machine learning and state-of-the-art climate science to help companies analyse, report and act on their exposure to risks such as flooding, drought and extreme temperatures, across different climate scenarios and decades-long timeframes.
By using EarthScan’s integration with Cytora, underwriters will immediately gain insight into the climate risk exposure of both individual assets and large portfolios consisting of hundreds of thousands of assets. They will be able to account for new climate trends and the increasing frequency of extreme weather events to analyze the sustainability of their portfolio.
Cytora’s partnership with Mitiga Solutions is the latest in a series of partnerships that Cytora has signed as part of its mission to build one of the world’s most comprehensive data ecosystems for insurers. It follows a period of significant growth for Cytora including agreeing a major collaboration with Chubb, the expansion of a partnership with Arch to North America, 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 efficiency to risk assessment, underwriting and claim management processes.
Juan de Castro, COO at Cytora, said: “With the impact of climate change more apparent year on year, it is increasingly difficult for insurers to accurately determine the level of climate risk a business has. Through partnerships like this one we are delivering on our commitment to make sure insurers have access to the most cutting-edge data and insights available to make faster and more accurate risk evaluations and decision-making.”
Alejandro Marti, co-founder and CEO at Mitiga Solutions, said: “This partnership is the latest step in our mission to make the world a more resilient place under a changing climate. We are excited to work with Cytora so that the state-of-the art in climate science and data modelling is available to insurers through Cytora, meaning smarter, more informed decisions on climate risk without the need to be a climate scientist.”
About Cytora
Cytora is an AI-powered platform that enables commercial insurers to process risks at greater efficiency and accuracy. Cytora digitises every incoming risk, augments them with additional data sources, evaluates them against multiple rules, including appetite and priority rules, and routes them to downstream systems for automated or manual underwriting.
About Mitiga Solutions
Founded in 2018, Mitiga Solutions provides climate risk intelligence that combines science, AI and high-performance computing. We help our customers analyse, report and act on their business exposure to climate change through our self-serve platform Earthscan™ and our risk models.
Our mission is to make the world a more resilient place under a changing climate. Mitiga is headquartered in Barcelona, Spain and backed by Elaia, Kibo Ventures, Telefónica, Matmut, Microsoft Climate Innovation Fund, Nationwide Ventures, Creas IMPACTO and Faber. For more information on Mitiga Solutions and EarthScan visit:mitigasolutions.com
