Cytora & Moody’s RMS to help insurers overcome climate & natural disaster challenges

Cytora, the digital risk processing platform has entered into a partnership with Moody’s RMS, the global catastrophe risk modeling and solutions company, in a move that is set to help insurers weather climate and natural disaster risk.

According to the announcement, Moody’s RMS Location Intelligence API, which provides catastrophe peril insights in over 100 countries, will be integrated directly into Cytora’s risk processing platform.

The integration will reportedly enable property and casualty (P&C) underwriters to gain critical insights into climate and natural disaster risk, and ultimately enable insurers to make much faster and more accurate assessments.

This partnership comes at a crucial point for the insurance and reinsurance industry, following the fact that insurance losses  stemming from natural catastrophes have exceeded the $100 billion mark for each of the last four years.

Therefore, this means that the need for natural and manmade catastrophe and climate change risk insights has arguably never been more important to the insurance industry.

From what we understand, Cytora and Moody’s RMS’ partnership seeks to empower underwriters with instant access to a variety of different critical model derived data points on climate and natural disaster risk.

Integrating Moody’s RMS’ data into Cytora’s platform, will reportedly allow insurers to operationalise data more broadly across their lines of business, (including for risk clearance, onboarding and triage), and more effectively through their multi-step workflows from submission to quote.

As a result, this will allow insurers to unify their risk data, digitize their core workflows and make better-informed decisions on risk and improve speed to market.

“Natural and manmade catastrophes, influenced by a changing climate, are bringing a huge range of difficult challenges to the insurance industry that are only going to grow. Unchecked, customers face soaring reinsurance costs and even the prospect of becoming uninsurable. The insurtech industry can play a vital role in helping insurers overcome these challenges,” commented Richard Hartley, CEO and co-Founder of Cytora.

“The changing catastrophe risk landscape means it’s more important than ever for insurers to accurately assess the impact of catastrophe risk as part of the risk selection and pricing process. By leveraging the same rich science that underpins our probabilistic models, Location Intelligence ensures that quality analytics are being used early in the underwriting process,” said Michael Richitelli, Managing Director – Global Insurance Sales at Moodys.

Adding: “The partnership with Cytora provides an exciting opportunity to combine advances in technology with Moody’s RMS’ catastrophe model science. Together these solutions can improve both underwriting productivity and performance.”

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