Digital risk processing platform Cytora has partnered with data-driven art evaluator Overstone.
The collaboration will allow speciality insurers to access Overstone’s art intelligence through Cytora’s platform.
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As a result, underwriters will be able to get a clear picture of the value, price variation, liquidity as well as condition and authenticity risk of any artwork they are assessing.
Juan de Castro, COO at Cytora, said: “Art insurance can be incredibly complex due to the inaccessibility of relevant information and the dynamic nature of valuations. This makes assessing risk a time consuming and difficult process. Our partnership with Overstone eliminates these pain points and will enable underwriters to make decisions quickly and with precision.
“Overstone is the leading provider, combining data and deep art expertise to power insurance’s understanding of live art pricing, risk and management. Our integration marks a big step forward in our mission to build the insurance industry’s most comprehensive data ecosystem.”
Harco van den Oever, CEO at Overstone, added: “We are delighted to be partnering with Cytora, the leading insurance digital risk processing platform. Overstone has long-standing relationships with many of the world’s largest institutional players in the insurance and private banking industries. We have a successful history of equipping them with the tools and services to power their work with art. Overstone’s work with insurance underwriters and brokers provides them with insights into the data, risks and opportunities. Our integration with Cytora will enable a much wider audience to benefit from Overstone’s expertise in art and data.”
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By GlobalDataIn August 2024, Cytora 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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