Cytora forms new partnership to boost insurers’ risk assessments for aviation market

Insurtech Cytora has teamed up with intelligence provider Jetnet to help insurers improve their decision-making across the aviation insurance market, a statement released today (10 August 2023) said.

Jetnet uses application programming interfaces (APIs) to provide data on aircraft, fleets and historical aviation information.

The partnership will see these APIs be integrated with Cytora’s risk processing platform to offer insurers comprehensive risk insights, the insurtech said.

Insurance underwriters will also have access to real-time data over several areas of the market, including aircraft valuations and trends.

Juan de Castro, Cytora’s chief operating officer, said he was “excited” to partner with Jetnet.

“The integration of Jetnet’s aviation intelligence APIs into our platform will enable insurers to make data-driven decisions, improve their underwriting processes and effectively manage aviation risks,” he added.

Optimisation

This came after Gallagher Specialty’s latest Plane Talking Q1 2023 report, released earlier this year (12 April 2023), revealed that one of the major factors affecting the airline insurance market was the increase in airline disasters in recent years.

The airline loss experience in 2022 saw the majority of claim events involving small local or regional carriers, explained the report.

Cytora said insurers were leveraging the new partnership for advanced analytics and machine learning to “optimise their risk assessment, improve underwriting accuracy and enhance decision-making across the global aviation insurance market”.

Josh Baird, VP of corporate development at Jetnet, added: “Jetnet is thrilled to work with Cytora to bring to the market a cutting-edge solution to insurers.

“This marks the latest example of Jetnet continuing to advance aviation intelligence.”