London, UK; 5th September 2024: Cytora, the leading digital risk processing platform, has partnered with data-driven art evaluator Overstone.
The integration will allow speciality insurers to access Overstone’s art intelligence through Cytora’s platform. As a result, underwriters will be able to get a clear picture of the value, price variation, liquidity as well as condition and authenticity risk of any artwork they are assessing. This will enable more comprehensive risk evaluation and better decision-making.
Cytora’s partnership with Overstone 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: "Art insurance can be incredibly complex due to the inaccessibility of relevant information and the dynamic nature of valuations. This makes assessing risk a time consuming and difficult process. Our partnership with Overstone eliminates these pain points and will enable underwriters to make decisions quickly and with precision.
“Overstone is the leading provider, combining data and deep art expertise to power insurance’s understanding of live art pricing, risk and management. Our integration marks a big step forward in our mission to build the insurance industry’s most comprehensive data ecosystem.”
Harco van den Oever, CEO at Overstone, said: ‘We are delighted to be partnering with Cytora, the leading insurance digital risk processing platform. Overstone has long-standing relationships with many of the world’s largest institutional players in the insurance and private banking industries. We have a successful history of equipping them with the tools and services to power their work with art. Overstone’s work with insurance underwriters and brokers provides them with insights into the data, risks and opportunities. Our integration with Cytora will enable a much wider audience to benefit from Overstone's expertise in art and data.’
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 Overstone
Our mission is to enable our institutional and retail clients to consider art as a dependable and quantifiable financial asset.
We combine highly advanced data science models with technology and extensive art expertise in order to open up the world of fine art to sophisticated art finance and insurance solutions.
We are active across the USA, Europe and Asia, and are working with a deep network of lenders, auction houses, insurers and family offices.
