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Cytora and Moody’s RMS partner to help insurers weather climate and natural disaster risk
London, UK; 20th December 2024: Cytora, the leading digital risk processing platform, has partnered with global catastrophe risk modeling and solutions company Moody’s RMS.
The integration will enable P&C underwriters to gain unprecedented insights into climate and natural disaster risk. Moody’s RMS Location Intelligence API provides catastrophe peril insights in over 100 countries and will be integrated directly into Cytora’s risk processing platform. This will enable insurers to make much faster and more accurate assessments.
With insurance losses from natural catastrophes topping $100 billion for each of the last four years, the need for natural and manmade catastrophe and climate change risk insights has never been more important to the insurance industry. Cytora and Moody’s RMS partnership aims to empower underwriters with instant access to a host of critical model derived data points on climate and natural disaster risk.
By integrating Moody’s RMS data into Cytora’s platform, insurers will be able to operationalize data more broadly across their lines of business, (including for risk clearance, onboarding and triage) and more effectively through their multi-step workflows from submission to quote. This allows insurers to unify their risk data, digitize their core workflows and make better-informed decisions on risk and improve speed to market.
The 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 to 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.
Richard Hartley, CEO and co-Founder of Cytora, said: “Natural and manmade catastrophes, influenced by a changing climate, are bringing a huge range of difficult challenges to the insurance industry that are only going to grow. Unchecked, customers face soaring reinsurance costs and even the prospect of becoming uninsurable. The insurtech industry can play a vital role in helping insurers overcome these challenges.
Michael Richitelli, Managing Director – Global Insurance Sales at Moodys, said, “The changing catastrophe risk landscape means it’s more important than ever for insurers to accurately assess the impact of catastrophe risk as part of the risk selection and pricing process. By leveraging the same rich science that underpins our probabilistic models, Location Intelligence ensures that quality analytics are being used early in the underwriting process.
The partnership with Cytora provides an exciting opportunity to combine advances in technology with Moody’s RMS’ catastrophe model science. Together these solutions can improve both underwriting productivity and performance.”
About Cytora
Cytora is the configurable platform that enables commercial insurers to process risks at greater efficiency and accuracy. Cytora digitizes 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 Moody’s RMS
In a world shaped by increasingly interconnected risks, Moody’s data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities.
Moody’s shapes the world’s view of risk for insurers, reinsurers, financial services organizations, and the public sector, with Moody’s RMS models underlying the nearly US$2 trillion Property & Casualty industry. We empower organizations to evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics.
With a rich history of experience in global markets and a diverse workforce in more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.
Visit Insurance Solutions at Moody’s to learn more.
