London, UK; 16th November 2023: Cytora, the digital risk processing platform, has partnered with Veridion, a provider of AI-powered business data and market intelligence.
The integration will enable Cytora to provide Veridion's data to its customers. As a result, insurers will be able to integrate deeper insights on a range of crucial business metrics into underwriting workflows, leading to more informed underwriting decisions.
The key benefits of the integration include:
- Global Business Data: Veridion's business data includes detailed insights into a wide range of business attributes, such as product and service insights, industry classifications and registry insights.
- Streamlined Underwriting: The integration streamlines the underwriting process by providing underwriters with access to essential business data directly within the Cytora platform, reducing manual data gathering and improving workflow efficiency.
- Data-Driven Decision-Making: Insurers can make more data-driven underwriting decisions by leveraging Veridion's business data, resulting in improved risk assessment and pricing accuracy.
This announcement with Veridon follows a period of significant growth for Cytora, and the launch of the latest enhancement to the platform, leveraging Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes. In the past year, Cytora has inked a series of partnerships with carriers such as Allianz and Markel, data providers including Moody’s and tech platforms hyperexponential and JBA.
Juan de Castro, COO of Cytora, said: "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. This collaboration exemplifies our commitment to empowering insurers with the tools they need to thrive in a dynamic marketplace."
Riyaz Nakhooda, VP of Customer Solutions at Veridion said: “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. The immediate value lies in improving business classifications, risk assessment accuracy, and pricing precision for any private company with a digital presence across the globe”
