Digital risk processing platform Cytora has announced a partnership with Moody’s RMS that integrates Moody’s RMS Location Intelligence API into Cytora’s platform, enabling property and casualty (P&C) insurers to enhance their assessments of climate and natural disaster risks.
The Location Intelligence API offers catastrophe peril insights in more than 100 countries. By embedding this data directly into Cytora’s platform, insurers can streamline workflows and improve decision-making.
This integration aims to address the rising costs of natural disasters, with insured losses exceeding US$100 billion annually for the past four years.
Cytora and Moody’s RMS expect the partnership to equip underwriters with immediate access to critical climate and catastrophe risk data. By operationalising this data across various insurance functions, including risk clearance, onboarding, and triage, insurers can digitise workflows and improve speed to market.
The partnership is also part of Cytora’s broader strategy to expand its data ecosystem for insurers. Recent developments for Cytora include a collaboration with Chubb and the introduction of enhancements to its platform that leverage large language models (LLMs) alongside proprietary artificial intelligence to improve risk assessment and underwriting processes.
Richard Hartley (pictured above), CEO and co-founder of Cytora, noted that the increasing frequency and severity of natural and manmade catastrophes present significant challenges for the insurance industry.
“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,” Hartley said.
Michael Richitelli, managing director of global insurance sales at Moody’s, highlighted the importance of accurate catastrophe risk assessment as part of risk selection and pricing processes.
“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.,” Richitelli said.
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