Cytora, an AI-powered digital risk processing platform, has entered into a strategic partnership with Veridion, a leading provider of AI-powered business data and market intelligence.
This collaboration aims to reshape the landscape of commercial insurance underwriting by integrating Veridion’s comprehensive business data directly into Cytora’s platform.
The key highlight of this integration is the infusion of Veridion’s global business data, offering in-depth insights into critical business metrics such as product and service details, industry classifications, and registry insights, the company noted.
By incorporating this data seamlessly into underwriting workflows, insurers using the Cytora platform gain access to a wealth of information, facilitating more informed decision-making processes.
Among the primary benefits touted by the collaboration is the streamlining of the underwriting process. Underwriters can now access essential business data within the Cytora platform, eliminating the need for manual data gathering and significantly enhancing workflow efficiency.
This integration is anticipated to drive data-driven decision-making, enabling insurers to make more accurate risk assessments and pricing decisions.
This announcement comes on the heels of Cytora’s remarkable growth, marked by significant partnerships with industry giants like Allianz and Markel, as well as collaborations with data providers including Moody’s and technology platforms such as hyperexponential and JBA.
Cytora’s commitment to innovation is further underscored by the recent enhancement to its platform, leveraging Large Language Models (LLMs) in conjunction with proprietary AI to elevate the accuracy and efficiency of risk assessment and underwriting processes.
Juan de Castro, COO of Cytora, expressed the significance of the partnership, stating, “At Cytora, our mission is to transform the insurance industry by helping insurers implement digital risk flows. Having the accurate, robust data ready at underwriters’ fingertips is a crucial part of that. Our partnership with Veridion and the integration of their business data into our platform is a significant step in this direction. It equips underwriters with valuable insights into business risks, allowing them to make more informed decisions.”
Riyaz Nakhooda, VP of Customer Solutions at Veridion, echoed this sentiment, saying, “We are thrilled to partner with Cytora to help modernize commercial insurance underwriting. By integrating Veridion’s AI-powered business data into Cytora’s platform, we are not just providing insurers and brokers with immediate access to vital data; we are also empowering them to make more informed decisions faster than ever before.”
