London, UK; 10 August 2023: Cytora, the leading digital risk processing platform, has formed a partnership with Reask, a provider of advanced natural catastrophe risk analytics, to integrate Reask's natural catastrophe risk analytics APIs into the Cytora platform. This partnership aims to empower insurers with enhanced capabilities to assess and manage natural catastrophe risks.
Reask's natural catastrophe risk analytics APIs offer comprehensive insights focussed on global tropical cyclones risk. By integrating Reask's robust risk analytics APIs into the Cytora platform, insurers can access detailed risk assessments and hazard data, enabling them to make more informed underwriting decisions and improve their overall risk management processes.
In a world marked by escalating natural catastrophe events, accurate and timely risk analytics are critical for insurers to effectively assess, manage, and mitigate potential losses. The integration of Reask's natural catastrophe risk analytics APIs into the Cytora platform equips insurers with valuable insights, helping them enhance risk assessment accuracy and optimize underwriting strategies.
This partnership allows insurers to leverage advanced analytics and machine learning to streamline their underwriting processes, strengthen their risk management practices, and make data-driven decisions in the face of natural catastrophes.
Juan de Castro, COO of Cytora: "We are thrilled to partner with Reask to provide our customers with advanced natural catastrophe risk analytics. By integrating Reask's risk analytics APIs into the Cytora platform, insurers can access robust risk assessments and hazard data, enabling them to make more accurate underwriting decisions and better manage natural catastrophe risks."
Jamie Rodney, CEO of Reask: “We have witnessed record breaking extreme weather events become an all-too-common headline. Thanks to our partnership with Cytora insurers will be able to directly integrate Reask’s novel tropical cyclone data into their underwriting decision-making process. Embedding datasets that reflect how common these headlines occur means that decisions are made in line with the state of the climate.”
This partnership exemplifies Cytora's commitment to equipping insurers with innovative risk processing solutions, while leveraging Reask's expertise in providing advanced natural catastrophe risk analytics.
Cytora is the configurable platform that enables commercial insurers to process risks at greater efficiency and accuracy. Cytora digitizes every incoming risk, augments them with additional data sources, evaluates them against multiple rules, including appetite and priority rules, and routes them to downstream systems for automated or manual underwriting.
Reask is a science and technology company applying cutting-edge data science to natural hazard modelling. By applying machine learning to better capture global drivers of extreme weather frequency and severity, Reask can efficiently simulate probabilistic views of ground-level risk at extremely high resolution. Clients include (re)insurance giants AXA, Suncorp and Swiss Re. To learn more, please visit https://reask.earth/.