The integration between Cytora and Relativity6 allows underwriters to more quickly process commercial quotes.
This is facilitated by turning data from freeform text into standard industry classifications. Automation of this process saves a large amount of time and enables underwriters to provide the right policy, and product at a faster rate.
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In addition, the integration follows a period of significant growth for Cytora, and the launch of the latest enhancement to the platform, leveraging Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.
Juan de Castro, COO at Cytora, said: “At Cytora, our mission is to redefine workflows in the commercial insurance industry. Our partnership with Relativity6 and the integration of their trade attribution model into our platform represents a significant step towards achieving this goal. It equips insurers with a powerful resource for understanding and managing risks associated with businesses, allowing them to make more informed decisions and enhance their competitive position in the market.”
Josh Lurie, COO at Relativity6, added: “We are laser focused on finding, classifying, and monitoring private companies and providing underwriters with the most relevant, accurate, and reliable data. With over 60 leading carriers and MGA’s utilising our proprietary industry technology we’ve proven that our platform can dramatically reduce premium leakage and increase profitability in P&C insurance. We are thrilled to add value to the users of Cytora’s platform and continue assisting in the underwriting and risk assessment process.”
Only this month, Cytora partnered with someone other than Relativity6, compliance data provider Vespia.
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By GlobalDataThe integration between Cytora and Vespia will provide commercial insurance underwriters with deeper insights into business risks associated with anti-money laundering (AML) regulations and sanctions.
Furthermore, integration of data sources like Vespia directly into risk processing workflows enables insurers to digitise their core workflows, make decisions with better information, and improve speed to market.
