Ontario, Canada & London, UK; 12 December 2024. Cytora, the leading digital risk processing platform, has partnered with international weather information and data management company Pelmorex Corp.
The integration will enable commercial property insurance underwriters to instantly gain accurate localized climate and weather predictive modeling via Cytora’s platform. Pelmorex Corp, which operates across Europe, North America, LATAM, India and Australia, is one of the world’s largest weather information providers.
The partnership will enable insurers to make faster and more accurate assessments of risk that take into account changing weather patterns due to climate change. Consequently, insurers will be able 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.
Cytora’s partnership with Pelmorex Corp 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 process.
Juan de Castro, COO at Cytora, said: Commercial property insurance is becoming increasingly complex and difficult due to the rise of extreme weather driven by climate change. To combat this we need to arm insurers with more granular, accurate and real-time data to help them make the right decisions. This is why Pelmorex Corp is such an important integration for Cytora. It is one of the world’s largest weather data providers and has a host of powerful predictive models that are vital to risk assessment.”
Mark Gibbas, Managing Director of Enterprise Weather Solutions at Pelmorex, said “Pelmorex is excited to be partnering with Cytora to bring our climate risk intelligence data to the Cytora platform. While climate change has been progressing for the past several decades, over the most recent 10 years there has been significant increase in the frequency of high impact weather events caused by climate change, and as a result, insurers need more accurate and up to date weather and climate risk intelligence to properly balance their insurance products”
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 Pelmorex Corp.
Pelmorex Corp., founded in1989, is an international weather information and data management company. Pelmorex owns and operates the weather brands The Weather Network, MétéoMédia, Eltiempo.es, Clima, Otempo.pt and Weather Source. It also operates Canada’s National Alert Aggregation and Dissemination System, part of Alert Ready. Through constant innovation and entrepreneurship, Pelmorex has grown to reach consumers around the globe, has become one of the largest weather information providers and has broken new ground in providing data solutions and insights to businesses. Through harnessing the value of weather, Pelmorex is driven to make the world smarter and safer for consumers and businesses.
To learn more, visit pelmorex.com and follow us on X and LinkedIn.
