Cytora & Moody’s RMS to support insurers with climate and disaster risk

By Gloria Mathias

 Cytora, the digital risk processing platform, has partnered with global catastrophe risk modelling and solutions company Moody’s RMS.

The integration will enable P&C underwriters to gain unprecedented insights into climate and natural disaster risk. Moody’s RMS Location Intelligence API provides catastrophe peril insights in over 100 countries and will be integrated directly into Cytora’s risk processing platform. This will enable insurers to make much faster and more accurate assessments.

With insurance losses from natural catastrophes topping $100 billion for each of the last four years, the need for natural and manmade disasters and climate change risk insights has never been more critical to the insurance industry. Cytora and Moody’s RMS partnership aims to empower underwriters with instant access to a host of critical model-derived data points on climate and natural disaster risk.

By integrating Moody’s RMS data into Cytora’s platform, insurers will be able to operationalise data more broadly across their lines of business (including risk clearance, onboarding, and triage) and more effectively through their multi-step workflows from submission to quote. This allows insurers to unify their risk data, digitise their core workflows, make better-informed risk decisions, and improve market speed.

Richard Hartley, CEO and co-founder of Cytora, said, “Natural and manmade catastrophes, influenced by a changing climate, are bringing a vast range of complex 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 sector can play a vital role in helping insurers overcome these challenges.

Michael Richitelli, Managing Director of Global Insurance Sales at Moody’s, said, “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 exact rich science that underpins our probabilistic models, location intelligence ensures that quality analytics are being used early in the underwriting process.

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.”