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New York, UK; 29th November 2023: Cytora, the leading digital risk processing platform, is pleased to announce a partnership with ZestyAI, a pioneer in leveraging artificial intelligence for property risk assessment. ZestyAI's integration into the Cytora platform equips commercial insurance underwriters with the analytics and risk scores they need to assess and manage climate-related risks.
The rise in losses from natural disasters that were once considered "secondary perils," like wildfires and severe storms, including hail, is a growing concern for commercial property insurers. ZestyAI, renowned for its expertise in harnessing artificial intelligence to assess risk exposure at the property level, offers comprehensive climate risk models that account for all factors impacting a property's value and its susceptibility to natural disasters.
Key Benefits of the Integration
Comprehensive Climate Risk Assessment: ZestyAI's climate models accessible within the Cytora platform provide insurers with a holistic view of a property's risk exposure to natural disasters, such as severe convective storms and wildfires.
Enhanced Risk Management: With a more accurate understanding of climate risk, commercial carriers can reduce loss ratio through superior control over risk selection and offer tailored insurance solutions based on the insights provided by ZestyAI's climate models.
Faster, More Consistent Decisions: The integration of ZestyAI’s climate risk models into Cytora expedites commercial carrier workflows by facilitating straight-through processing of low risks, auto-declining high risks, and scaling underwriting capacity to where it’s needed most.
Juan de Castro, COO of Cytora, said: “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with ZestyAI and the integration of their climate models into our platform is a testament to this commitment. It equips insurers with a powerful resource for understanding and mitigating climate-related risks, ultimately helping them provide superior insurance solutions."
Attila Toth, Founder and CEO of ZestyAI adds: “Climate risk is threatening the stability of the insurance industry, costing hundreds of billions of dollars annually. By offering an approach rooted in materials science and atmospheric science to major challenges like wildfires and severe convective storms, we are bringing greater understanding and accuracy to underwriting and enhancing the insurance industry's ability to manage these risks effectively. We are honored to be able to make our climate models available to Cytora customers.”
