Data-driven marine insurance sails forward following Cytora and TradeAtlas team up

Partnership will enable marine insurers to seamlessly access trade data from 30 million importers and 27 million suppliers from across the world

London, UK; 3rd April 2024: Cytora, the leading digital risk processing platform, has partnered with global trade data company TradeAtlas. The partnership will enable marine insurers to leverage a huge range of import and export information to make faster and more accurate risk decisions. 

TradeAtlas collects and analyses data from 30 million importers and 27 million suppliers. Its datasets include 2.8 billion lines of transactions and information on shipments, business addresses, HS codes, product definitions for merchandise, prices, quantities, ports and notifying parties.  

The integration will bring this crucial data directly into Cytora’s risk processing platform. This will enable marine insurers to seamlessly bring it into their digital workflows, resulting in more comprehensive risk evaluation and better decision-making. 

Cytora’s partnership with TradeAtlas is another step in the insurtech’s mission to build one of the world’s most comprehensive data ecosystems for insurers. It also follows a period of significant growth for Cytora including agreeing a major collaboration with Chubb and the launch of the latest enhancement to its platform which leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.

Juan de Castro, COO at Cytora, said: “Our partnership with TradeAtlas brings a massive amount of critical data into the Cytora platform which can be leveraged to make better, faster and more seamless insurance decisions. 

“We’re well on our way to building one of the insurance industry's most comprehensive data ecosystems. It already offers any insurer a treasure trove of detailed information that will transform how they make decisions. 

Ali Emek, Founder and CEO of TradeAtlas, said: “We are delighted to partner with Cytora and have our data accessible through their leading-edge platform for the insurance industry. Being a part of this ecosystem along with all other valuable partners, I hope this would lead to a better and faster decision-making process for the whole industry, and a better world.”