Digital risk processing platform Cytora has formed an alliance with e2Value, a provider of property valuation solutions.
The tie-up is aimed at delivering enhanced risk insights to commercial, agricultural and residential property insurance underwriters in the US.
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By incorporating e2Value’s property data into Cytora’s platform, underwriters will be able to access datapoints on US buildings, including age, height, occupancy type, use, number of floors and location.
e2Value’s patented web-based system offers analysis of structural details and safety features, as well as local wages and amenities that influence property valuation.
This data is crucial for insurers to estimate rebuild costs more accurately.
The partnership allows for the direct integration of e2Value’s data into Cytora’s risk processing platform.
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By GlobalDataCytora said insurers can now operationalise data across their business lines more effectively, streamlining processes such as risk clearance, onboarding and triage, and improving workflows from submission to quote.
With the integration, insurers are expected to achieve faster and more precise risk assessments, which in turn will enhance client experiences.
Cytora COO Juan de Castro said: “This is another great step on our expansion plan in the US. It is the latest in a series of partnerships with innovative US companies that is rapidly increasing our data ecosystem.
“e2Value has a very powerful solution, which leverages an impressive amount of information to take a lot of the risk and complication out of property insurance.”
e2Value SVP Skip Coan said: “We have watched Cytora for a while and are thrilled to offer their ecosystem our property solutions with their move to the US.
“A key to great underwriting is actionable information. Cytora offers a terrific platform for insurers to consume data for better decisions. We see it as another way to offer great solutions for great companies.”
Last week, Cytora enhanced its platform capabilities through a partnership with ChAI, an AI-driven raw material market intelligence and commodity pricing forecaster.
This partnership will help insurers integrate ChAI’s commodity price forecasts and market intelligence into the Cytora platform, offering insights across a range of commodities.
