Digital risk platform Cytora has teamed up with Moody’s RMS, a global catastrophe risk modelling and solutions company.
Moody’s RMS Location Intelligence application programming interface (API) offers catastrophe peril insights across more than 100 countries, improving the speed and accuracy of risk assessments for insurers.
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This partnership is designed to furnish underwriters with instant access to critical model-derived data points with enhanced insights into climate and natural disaster risks.
The integration of Moody’s RMS data into Cytora’s platform enables insurers to operationalise data across various lines of business including risk clearance, onboarding and triage.
The integration facilitates an efficient flow through multi-step workflows from submission to quote, allowing for the unification of risk data and the digitisation of core workflows.
It follows Cytora’s recent alliance with Chubb and the launch of an enhancement to its platform.
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By GlobalDataThis enhancement leverages large language models in conjunction with Cytora’s proprietary AI for accuracy and efficiency in risk assessment and underwriting processes.
Cytora CEO and co-founder Richard Hartley said: “Natural and manmade catastrophes, influenced by a changing climate, are bringing a huge range of difficult challenges to the insurance industry that are only going to grow. Unchecked, customers face soaring reinsurance costs and even the prospect of becoming uninsurable.”
Moodys Global Insurance Sales MD Michael Richitelli said: “By leveraging the same rich science that underpins our probabilistic models, Location Intelligence ensures that quality analytics are being used early in the underwriting process.
“The partnership with Cytora provides an exciting opportunity to combine advances in technology with Moody’s RMS’ catastrophe model science.”
