Digital risk processing platform Cytora has partnered with environmental data specialist, GeoSmart Information.
Integrating GeoSmart and its data into Cytora’s digital risk processing means insurers will have access to almost complete flood and climate risk data. This should enable more comprehensive risk evaluation and decision-making.
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GeoSmart Information specialises in developing and publishing innovative flood risk maps and data, characterising flood risk down to an individual property level. With flooding a key risk factor, and increases in risk due to climate change and the greater number of storms affecting homes and businesses, such information is more valuable than ever to underwriters in property insurance. It will help to inform insurers with risk selection, claims certification, and pricing flood risk premiums.
Juan de Castro, COO at Cytora, said: “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with GeoSmart Information and the integration of their data into our platform is a testament to this commitment. At a time when there is heightened uncertainty as a result of climate change, it equips insurers with a powerful resource for understanding and mitigating flood and other environmental-related risks, ultimately helping them provide superior insurance solutions.”
Mark Fermor, director at GeoSmart Information, added: “With flooding the biggest natural peril we face in the UK, and risks doubling this generation, it is vital that insurers access more complete flood risk data to inform pricing and underwriting and risk mitigation decisions. We are delighted to be working with Cytora to make our more complete property-level FloodSmart Analytics data accessible through their leading-edge platform for the insurance industry, helping to ensure an enhanced and faster decision-making process for Cytora’s customers when it comes to managing such risks effectively.”
Earlier in August, Arch Insurance partnered with Cytora to further digitise its risk intake and streamline underwriting.
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