Cytora, a leading digital risk processing platform, has announced a partnership with Moody’s RMS, a global catastrophe risk modelling and solutions company.
The collaboration aims to enhance insurers’ ability to assess climate and natural disaster risks with greater speed and precision.
The partnership comes at a critical time as the insurance industry faces unprecedented challenges. With natural catastrophe losses exceeding $100bn annually for the past four years, insurers need robust tools to understand and mitigate climate and manmade disaster risks. The integration of Moody’s RMS Location Intelligence API into Cytora’s risk processing platform provides property and casualty (P&C) underwriters with instant access to vital data, improving risk assessment capabilities.
Cytora specialises in enabling commercial insurers to process risks with unparalleled efficiency and accuracy. By digitising incoming risks and augmenting them with additional data, Cytora evaluates these risks against multiple criteria before routing them for underwriting. This platform streamlines workflows and improves decision-making for insurers.
Moody’s RMS supports insurers, reinsurers, financial services organisations, and the public sector with advanced risk modelling for global catastrophes such as hurricanes, earthquakes, and climate change impacts. Its probabilistic models and data insights power the nearly $2trn P&C industry, helping organisations evaluate and manage risk effectively.
Through this partnership, insurers can operationalise risk data more effectively across their businesses, from risk clearance to submission triage and quoting processes. This integration enables insurers to unify risk data, automate workflows, and improve market responsiveness.
This collaboration is part of Cytora’s broader efforts to build a comprehensive data ecosystem for insurers. It follows significant milestones for the InsurTech, including a partnership with Chubb and the launch of platform enhancements leveraging large language models (LLMs) to improve risk assessment accuracy.
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. The insurtech industry can play a vital role in helping insurers overcome these challenges.”
Michael Richitelli, managing director – global insurance sales at Moody’s, added, “The changing catastrophe risk landscape means it’s more important than ever for insurers to accurately assess the impact of catastrophe risk as part of the risk selection and pricing process. 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. Together these solutions can improve both underwriting productivity and performance.”
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