Cytora Joins Forces with ChAI to Help Insurers Navigate Market Volatility

Insurtech
20.06.2024 09:50 am

Cytora, the leading digital risk processing platform, has partnered with ChAI, an AI-powered raw material market intelligence and commodity pricing forecaster.

The partnership will enable insurers to use ChAI’s commodity price forecasts and market intelligence for a range of commodities across metals, energies, plastics and agricultural on Cytora’s platform. It will deliver extensive insights into commodity price fluctuations and their implications on insurance risks, with access to commodity price forecasts up to a year ahead.

As volatility in raw material prices continues to pose significant challenges to insurers as well as the wider economy, the integration of ChAI’s forecasting capabilities with Cytora’s risk assessment platform will empower insurers to make more informed decisions quickly. This enables greater resilience within insurance firms, equipping them better to navigate more frequent and pronounced market disturbances caused by events such as natural disasters, geopolitical disruptions and other global crises.

The partnership will also support greater resilience within organisations producing the raw materials. It will mean it is likely that there are more insurance solutions available for smaller companies that are currently underserved by existing risk management solutions.

Cytora’s partnership with ChAI is the latest in a series of partnerships that Cytora has signed as part of its mission to build one of the world’s most comprehensive data ecosystems for insurers. It also follows a period of significant growth for Cytora including agreeing a major collaboration with Chubb and the launch of the latest enhancement to its platform which leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI to bring a new level of accuracy and efficiency to risk assessment and underwriting processes.

Juan de Castro, COO at Cytora, said: “The volatility of today's markets underscores the need for the best data and analytics to enable better, faster and more seamless insurance decisions. We are committed to delivering these critical insights for our customers.

“The Cytora platform will now offer the most expansive spectrum of data on raw materials and commodities, enhancing insurers' ability to manage risk with unmatched precision and foresight. We are delighted to be working with a company that shares our commitment to continuous innovation, and look forward to the transformative impact this collaboration will have on the industry.”

Tristan Fletcher, CEO and co-founder of ChAI, said: “Our collaboration with Cytora represents a significant step forward in applying AI to solve complex problems in the insurance industry. Together, we will enable insurers to navigate the uncertainties of the global commodities markets with greater confidence and precision.”