Digital risk processing platform Cytora has partnered with weather information and data management firm Pelmorex Corp.
The integration will enable commercial property insurance underwriters to instantly gain accurate localised 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.
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Furthermore, the partnership between Cytora and Pelmorex 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 operationalise 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.
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, added: “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”
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