Digital risk processing platform Cytora has partnered with AI-powered raw material market intelligence and commodity pricing forecaster ChAI.
The collaboration will allow insurers to use ChAI’s commodity price forecasts and market intelligence for a range of commodities across metals, energies, plastics and agricultural on the Cytora platform.
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Furthermore, the partnership will support greater resilience within organisations producing the raw materials.
In addition, 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.
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.”
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By GlobalDataTristan Fletcher, CEO and co-founder of ChAI, added: “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.”
This is not Cytora’s first partnership this year as in April, it partnered with cybersecurity firm DynaRisk.
The collaboration between Cytora and DynaRisk means insurers can use DynaRisk’s suite of cyber risk assessment data on the Cytora platform.
Therefore, underwriters can immediately take into account a number of data points regarding cyber risk when devising insurance quotes. This results in more comprehensive risk evaluation and better decision making.
DynaRisk tools include “Leaked Data” which determines whether a person or business has has its data stolen, “Hacker Chatter” which can identify topics of discussion on the dark web, “Vulnerability Check”, and “Open Service Check”.
