Moody’s Analytics and insurtech, Cytora, have entered into a partnership to provide the commercial insurance industry a more streamlined and informed understanding of risk.
The data provided by Moody’s comes pre-integrated into the Cytora platform, which will provide insurers with a superior risk selection driving uplift to GWP.
Commercial insurers will now have access to Moody’s Analytics data and insights within Cytora’s risk digitisation platform, which will enable enhanced data insights and create faster decision-making.
Moody’s Analytics has a remarkable track record of innovating on how insurers can access company information, which includes credit ratings, to evaluate and manage risk, making it a highly sought after data source.
Integration of data sources like Moody’s Analytics directly into risk processing workflows, enables insurers to digitise their core workflows, make better informed decisions on risk and improve speed to market; enhancing broker and client experience.
At the same time, Cytora’s digital risk processing platform enables insurers to operationalize data more broadly across their lines of business.
Juan de Castro, COO of Cytora, commented: “Two major challenges insurers faced when trying to use external data, was the integration cost, and the challenge of embedding new data in the underwriting process and decision making.
“This partnership expands Cytora’s data marketplace, allowing insurers to operationalize Moody’s Analytics data at the flip of a switch, in these workflows. Driving superior risk evaluation, while avoiding costly integration efforts.”
James Ingram, Managing Director at Moody’s Analytics, added: “Chief underwriting officers we speak with are investing in data and analytics to improve risk selection, enhance the customer experience and increase cost efficiencies. Data management is fundamental to achieving these objectives.
“The Moody’s partnership with Cytora brings advanced technology and valued data assets together to enable insurers to unlock competitive advantage in their underwriting workflows. We’re excited about the potential this will deliver for our customers and what it means for overcoming data challenges that confront the wider industry.”
Earlier this year Cytora entered into a partnership with Beazley to streamline insurance for brokers and clients.
