’This collaboration strengthens our ongoing efforts to provide insurers with the most advanced solutions,’ says chief operating officer
Digital risk processing platform Cytora has partnered with artificial intelligence (AI) powered due diligence firm Xapien, in a bid to support insurers with more accurate underwriting and fraud detection.
The partnership will enable commercial insurance underwriters that use Cytora’s risk processing platform to access to Xapien’s AI due diligence tool, which automatically reads and analyses information – such as corporate records – in any language.
The tool aims to reduce the time needed for due diligence work from hours down to minutes.
Juan de Castro, chief operating officer at Cytora, said: “Cytora’s commitment to innovation aligns perfectly with our integration with Xapien.
”By bringing Xapien’s AI due diligence tool into our platform, we’re equipping insurers with the tools they need to make more informed decisions about the risks they write.”
This integration marks the latest milestone in the company’s plans to build one of the most comprehensive insurance data ecosystems in the world.
It follows, for example, the insurtech’s July 2024 partnership with Gamma Risk, which strives to help insurers with commercial property risk assessments.
“This collaboration [with Xapien] strengthens our ongoing efforts to provide insurers with the most advanced solutions, ultimately enhancing their ability to manage risks effectively,” De Castro added.
Accurate pricing
The partnership will see Xapien integrated directly onto the Cytora platform, meaning that underwriters will not need to check multiple data sources for potential risks manually.
Read: Cytora inks deal to help insurers with commercial property risk assessment
Read: Cytora launches digital risk training platform
Explore more risk management-related stories here, or discover more news here
The collaboration has been designed to support insurers to more effectively operationalise data, better unify risk data, digitise core work flows and improve speed to market.
Dan Secretan, co-founder and chief operating officer at Xapien, added: “Underwriters with access to rapid, automated due diligence reports on potential policyholders are able to make more informed, risk-based decisions, leading to more accurate pricing.
“Partnering with Cytora is a milestone for us as we continue to establish our presence in the insurance sector. We are delighted to bring this holistic view of any company or individual to Cytora’s impressive client base.”
Xapien’s clients include insurer Zurich and risk management data firm Dow Jones Risk and Compliance.
No comments yet