London, UK; 20 June 2024: Cytora, the leading digital risk processing platform, has partnered with ChAI, an AI-powered raw material market intelligence and commodity pricing forecaster.
The partnership will enable insurers to use ChAI’s commodity price forecasts and market intelligence for a range of commodities across metals, energies, plastics, agricultural and forest goods on Cytora’s platform. It will deliver extensive insights into commodity price fluctuations and their implications on insurance risks, with access to commodity price forecasts up to a year ahead.
As volatility in raw material prices continues to pose significant challenges to insurers as well as the wider economy, the integration of ChAI’s forecasting capabilities with Cytora’s risk assessment platform will empower insurers to make more informed decisions quickly. This enables greater resilience within insurance firms, equipping them better to navigate more frequent and pronounced market disturbances caused by events such as natural disasters, geopolitical disruptions and other global crises.
The partnership will also support greater resilience within organisations producing the raw materials. It will mean it is likely that there are more insurance solutions available for smaller companies that are currently underserved by existing risk management solutions.
Cytora’s partnership with ChAI 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 also follows a period of significant growth for Cytora including agreeing 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.
Juan de Castro, COO at Cytora, said: “The volatility of today's markets underscores the need for the best data and analytics to enable better, faster and more seamless insurance decisions. We are committed to delivering these critical insights for our customers."
“The Cytora platform will now offer the most expansive spectrum of data on raw materials and commodities, enhancing insurers' ability to manage risk with unmatched precision and foresight. We are delighted to be working with a company that shares our commitment to continuous innovation, and look forward to the transformative impact this collaboration will have on the industry.”
Tristan Fletcher, CEO and co-founder of ChAI, said: “Our collaboration with Cytora represents a significant step forward in applying AI to solve complex problems in the insurance industry. Together, we will enable insurers to navigate the uncertainties of the global commodities markets with greater confidence and precision.”
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 ChAI:
ChAI are experts in AI-powered raw material market intelligence, commodity pricing and forecasts. ChAI analyses a world of data using the latest AI technology to find trends and insights in raw material markets. Giving unprecedented access to institutional views, commodity pricing forecasts and analysis of markets on a game-changing AI platform and API, thousands of possibilities summarised into intelligence you can act on.
Updated daily, ChAI collects 1000s of data points to process and present them in an easy-to-understand format. Data inputs include fundamental supply and demand, macroeconomic indicators, technical analysis, currency pairs, satellite and weather information, freight data, and more. Commodity price tracking coverage includes Metals, Energies, Plastics, Softs, Grains, and Forest Goods; all accessible in one application.
Use ChAI’s raw materials data to understand the true value of assets within the supply chain at any point in time.
