Cytora has announced its partnership with ZestyAI to enhance commercial property underwriting through the seamless integration of climate models.
As a leading digital risk processing platform, Cytora is thrilled to announce this collaboration with ZestyAI, a trailblazer in using artificial intelligence for property risk assessment. By incorporating ZestyAI’s capabilities into the Cytora platform, commercial insurance underwriters gain access to advanced analytics and risk scores, empowering them to evaluate and mitigate climate-related risks effectively.
According to reports, the partnership addresses the escalating concerns among commercial property insurers regarding increased losses from once-considered “secondary perils,” such as wildfires and severe storms, including hail. ZestyAI, renowned for its proficiency in leveraging artificial intelligence to assess risk exposure at the property level, introduces comprehensive climate risk models. These models take into account all factors influencing a property’s value and its vulnerability to natural disasters, providing insurers with a powerful tool to navigate the evolving landscape of climate-related risks.
Key Benefits of the Integration
Comprehensive Climate Risk Assessment: ZestyAI’s climate models accessible within the Cytora platform provide insurers with a holistic view of a property’s risk exposure to natural disasters, such as severe convective storms and wildfires.
Enhanced Risk Management: With a more accurate understanding of climate risk, commercial carriers can reduce loss ratio through superior control over risk selection and offer tailored insurance solutions based on the insights provided by ZestyAI’s climate models.
Faster, More Consistent Decisions: The integration of ZestyAI’s climate risk models into Cytora expedites commercial carrier workflows by facilitating straight-through processing of low risks, auto-declining high risks, and scaling underwriting capacity to where it’s needed most.
Juan de Castro, COO of Cytora, said: “At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with ZestyAI and the integration of their climate models into our platform is a testament to this commitment. It equips insurers with a powerful resource for understanding and mitigating climate-related risks, ultimately helping them provide superior insurance solutions.”
Attila Toth, Founder and CEO of ZestyAI added: “Climate risk is threatening the stability of the insurance industry, costing hundreds of billions of dollars annually. By offering an approach rooted in materials science and atmospheric science to major challenges like wildfires and severe convective storms, we are bringing greater understanding and accuracy to underwriting and enhancing the insurance industry’s ability to manage these risks effectively. We are honoured to be able to make our climate models available to Cytora customers.”
