Moody’s Analytics has partnered with digital risk processing platform Cytora, integrating its data into Cytora’s risk digitisation platform to offer the commercial insurance industry a better way to understand risk.
Through the Cytora platform, insurers will be able to operationalise data across their businesses and through their multi-step workflows.
Access to this data will provide users with enhanced insights, facilitate faster decision-making, improve speed to market and allow for a digitisation of workflows, the companies say. Enhancing client and broker experiences, Cytora seeks to create an integrated and streamlined end-to-end customer journey.
Juan de Castro, chief operations officer at Cytora, says: “Two major challenges insurers faced when trying to use external data were the integration cost and the challenge of embedding new data in the underwriting process and decision making. This partnership [allows] insurers to operationalise Moody’s Analytics data in these workflows, driving superior risk evaluation while avoiding costly integration efforts.”
James Ingram, managing director at Moody’s Analytics, adds: “Chief underwriting officers we speak with are investing in data and analytics to improve risk selection, enhance the customer experience and increase cost efficiencies. Data management is fundamental to achieving these objectives. The Moody’s partnership with Cytora brings advanced technology and valued data assets together to enable insurers to unlock competitive advantage in their underwriting workflows.”
