Cytora Collaborates with ZestyAI to Bolster Commercial Property Underwriting with Integration of Climate Models

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Nov 29, 2023, 08:03 ET

SAN FRANCISCO and NEW YORK, Nov. 29, 2023 /PRNewswire/ - Cytora, the leading digital risk processing platform, is pleased to announce a partnership with ZestyAI, a pioneer in leveraging artificial intelligence for property risk assessment. ZestyAI's integration into the Cytora platform equips commercial insurance underwriters with the analytics and risk scores they need to assess and manage climate-related risks.

The rise in losses from natural disasters that were once considered "secondary perils," like wildfires and severe storms, including hail, is a growing concern for commercial property insurers. ZestyAI, renowned for its expertise in harnessing artificial intelligence to assess risk exposure at the property level, offers comprehensive climate risk models that account for all factors impacting a property's value and its susceptibility to natural disasters.

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 adds: "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 honored to be able to make our climate models available to Cytora customers."

Notes to editors:

About Cytora

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.

About ZestyAI

ZestyAI is the leading property and climate risk platform for Property and Casualty insurers in North America. The company has revolutionized the world's understanding and management of property and climate perils by combining artificial intelligence with historical losses and cutting-edge data sources. Leading carriers trust ZestyAI's platform to identify risk and assess exposure, including the impact of catastrophic events like wildfires, hail, and wind storms. ZestyAI helps insurers make more informed underwriting decisions, rate fairly and accurately, and improve customer experience through actionable risk insights that both property owners and regulators trust.

For more information on how ZestyAI is revolutionizing risk management, visit zesty.ai.

SOURCE ZestyAI