London, UK; 9th August 2024: Cytora, the leading digital risk processing platform, has partnered with AI-powered due diligence company Xapien.
The integration will enable commercial insurance underwriters to instantly gain access to Xapien’s AI due diligence tool via Cytora’s risk processing platform. By integrating directly into Cytora, underwriters will no longer need to manually check scores of data sources for potential risks. Xapien automatically reads and analyses information such as online media, corporate records and structured screening data in any language. As a result, the time taken for due diligence can be reduced from hours or days to minutes. Access to rapid, automated due diligence reports on all their policyholders will fight commercial claims fraud, and facilitate more informed forecasting.
The integration will further enable insurers to operationalise data more broadly across their lines of business, and more effectively through their multi-step workflows from submission to quote. This allows insurers to unify their risk data, digitise their core workflows and make better-informed decisions on risk and improve speed to market. The result is faster and more accurate processes which enhances the experience for both insurers and their clients.
Xapien’s clients include Dow Jones Risk & Compliance, The Museum of London, Griffin and Zurich.
The partnership is the latest in a series of integrations Cytora has secured as part of its mission to build one of the most comprehensive insurance data ecosystems in the world.
Juan de Castro, COO at Cytora, said: "Cytora's commitment to innovation aligns perfectly with our integration with Xapien. By bringing Xapien’s AI due diligence tool into our platform, we're equipping insurers with the tools they need to make more informed decisions about the risks they write. This collaboration strengthens our ongoing efforts to provide insurers with the most advanced solutions, ultimately enhancing their ability to manage risks effectively."
Dan Secretan, Co-Founder and COO at Xapien, said: “Partnering with Cytora is a milestone for us as we continue to establish our presence in the insurance sector. Underwriters with access to rapid, automated due diligence reports on potential policyholders are able to make more informed, risk-based decisions, leading to more accurate pricing. We are delighted to bring this holistic view of any company or individual to Cytora’s impressive client base.”
About Cytora
Cytora is an AI-powered 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 Xapien
Founded by deep technology experts with decades of experience in intelligence and financial crime, Xapien applies cutting edge artificial intelligence and natural language processing to deliver on-demand research for businesses seeking to truly understand their third parties.
Xapien’s SaaS platform is transforming how the world deals with counterparts. It enables anyone to know who they are in business with, a capability available until now only to organisations with significant resources.
For more information visit www.xapien.com or follow us on LinkedIn.
