Cytora, a digital risk processing platform, has entered into a partnership with Mitiga Solutions, a provider of climate risk intelligence, to help insurers better assess and manage climate-related risks.
The partnership aims to provide insurers with advanced tools to evaluate future exposure to extreme weather conditions, according to InsurTech Insights.
By integrating Mitiga’s EarthScan platform into Cytora, insurers can improve their accuracy in forecasting and managing climate risks such as flooding, drought, and heatwaves.
Cytora focuses on providing digital solutions to the insurance industry, particularly in risk processing, underwriting, and claims management.
With its platform, insurers are equipped to assess risks and optimise decision-making processes, leveraging data to enhance operational efficiency.
Mitiga Solutions, on the other hand, is known for its science-based approach to climate risk intelligence, offering precise insights into how climate change impacts businesses and assets across different scenarios.
EarthScan, Mitiga’s on-demand climate risk analysis tool, brings sophisticated data modelling, machine learning, and climate science to insurers via Cytora’s platform.
This allows underwriters to assess climate risks not just at the individual asset level but across entire portfolios, considering emerging climate trends and the increasing frequency of extreme weather.
This capability is essential as insurers face growing regulatory demands to disclose their exposure to climate-related risks and ensure businesses are resilient to future challenges.
This collaboration is part of Cytora’s broader initiative to expand its data ecosystem for the insurance sector. It follows several key milestones for the company, including partnerships with Chubb and Arch, as well as recent platform enhancements that integrate large language models (LLMs) to improve risk assessment, underwriting, and claims management.
Juan de Castro, COO at Cytora, said, “With the impact of climate change more apparent year on year, it is increasingly difficult for insurers to accurately determine the level of climate risk a business has. Through partnerships like this one we are delivering on our commitment to make sure insurers have access to the most cutting-edge data and insights available to make faster and more accurate risk evaluations and decision-making.”
Alejandro Marti, co-founder and CEO at Mitiga Solutions, added, “This partnership is the latest step in our mission to make the world a more resilient place under a changing climate. We are excited to work with Cytora so that the state-of-the-art in climate science and data modelling is available to insurers through Cytora, meaning smarter, more informed decisions on climate risk without the need to be a climate scientist.”
Copyright © 2024 InsurTech Analyst
