Digital risk processing platform Cytora has teamed up with Xapien, an AI-driven due diligence company, to equip commercial insurers with automated due diligence capabilities.
As part of this integration, commercial insurance underwriters will instantly have access to Xapien’s AI due diligence platform, which will be available through Cytora’s platform, streamlining the due diligence process.
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This will allow underwriters to replace their manual process of checking various data sources to assess potential risks.
Xapien’s technology automatically reads and analyses data from various sources, including online media and corporate records, in any language.
This integration is said to reduce the time required for due diligence from several hours or days to mere minutes, helping combat commercial claims fraud more effectively.
It will also enable insurers to operationalise data across different business lines and improve multi-step workflows from submission to quotation.
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By GlobalDataInsurers can now unify their risk data, digitise core workflows, as well as make more informed risk decisions, leading to improved speed to market and better customer experiences.
Cytora COO Juan de Castro said: “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.”
Xapien’s clientele includes The Museum of London, Griffin, Dow Jones Risk & Compliance, and Zurich.
The collaboration with Xapien is part of Cytora’s ongoing efforts to build a comprehensive insurance data ecosystem.
Xapien co-founder and COO Dan Secretan 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.”
