Cytora, a leader in digital risk processing, and ChAI, an AI-powered commodity pricing forecaster, have announced a strategic partnership.
Cytora specialises in enhancing the efficiency and accuracy of commercial insurers by digitising and augmenting incoming risks with additional data. ChAI provides market intelligence and price forecasts for commodities, including metals, energies, plastics, and agricultural products.
The primary goal of this partnership is to empower insurers to make more informed decisions in the face of raw material price volatility. By integrating ChAI’s forecasting capabilities into Cytora’s platform, insurers will gain access to comprehensive price forecasts and market insights, enabling them to anticipate and manage risks more effectively.
Cytora offers a configurable platform that processes risks with high efficiency and accuracy, catering especially to commercial insurers. The platform digitises every incoming risk, evaluates them against multiple criteria, and routes them to appropriate systems for further processing. On the other hand, ChAI specialises in providing AI-driven insights into commodity markets, helping stakeholders navigate the complexities of price fluctuations.
Juan de Castro, COO at Cytora, emphasised the critical nature of timely and accurate data in insurance decision-making: “The volatility of today’s markets underscores the need for the best data and analytics to enable better, faster and more seamless insurance decisions. We are committed to delivering these critical insights for our customers.
“The Cytora platform will now offer the most expansive spectrum of data on raw materials and commodities, enhancing insurers’ ability to manage risk with unmatched precision and foresight. We are delighted to be working with a company that shares our commitment to continuous innovation, and look forward to the transformative impact this collaboration will have on the industry.”
Tristan Fletcher, CEO and co-founder of ChAI, highlighted the transformative potential of their collaboration: “Our collaboration with Cytora represents a significant step forward in applying AI to solve complex problems in the insurance industry. Together, we will enable insurers to navigate the uncertainties of the global commodities markets with greater confidence and precision.”
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