Cytora and Overstone Partnership: Art Insurance Underwriting
Insurers will gain rapid access to crucial data on artwork value, risk and authenticity through new integrationSpecialty insurers underwriting art policies will soon have access to a wealth of data to inform their risk assessments, thanks to a new partnership between Cytora and Overstone. The collaboration will integrate Overstone's art intelligence into Cytora's digital risk processing platform.
Bringing clarity to complex valuations
Art insurance has long posed challenges for underwriters due to the difficulty in obtaining reliable information on pieces and the volatility of valuations. The Cytora-Overstone integration aims to eliminate these pain points by providing insurers with rapid insights into an artwork's value, price variation, liquidity, condition and authenticity risk.
"Art insurance can be incredibly complex due to the inaccessibility of relevant information and the dynamic nature of valuations," says Juan de Castro, COO at Cytora. "This makes assessing risk a time-consuming and difficult process. Our partnership with Overstone eliminates these pain points and will enable underwriters to make decisions quickly and with precision.
"For Cytora, the Overstone partnership represents the latest in a series of collaborations aimed at building a comprehensive data ecosystem for insurers. It follows recent agreements with major players like Chubb and the expansion of an existing partnership with Arch Insurance into North America.
Harco van den Oever, CEO at Overstone also says: "Overstone has long-standing relationships with many of the world's largest institutional players in the insurance and private banking industries," he remarks. "Our integration with Cytora will enable a much wider audience to benefit from Overstone's expertise in art and data."The partnership comes as Cytora continues to enhance its own platform capabilities. The company recently launched an update leveraging Large Language Models alongside proprietary AI to boost efficiency in risk assessment, underwriting and claims management.
How does Cytora's AI technology enhance the underwriting process
Cytora's AI technology significantly enhances the underwriting process by digitising and automating core workflows, which increases efficiency and accuracy for insurers. The platform processes incoming risks by augmenting them with additional data sources and evaluating them against multiple rules, such as appetite and priority rules, before routing them to downstream systems for either automated or manual underwriting. This approach allows underwriters to receive decision-ready risks that align with their appetite and have a high propensity to bind.
Cytora's use of AI, particularly through its partnership with Google Cloud, involves leveraging generative AI models to transform risk assessment. The system parses information from various formats and maps it into a computer-readable format, facilitating faster and more consistent decision-making. This "risk digitisation" reduces the time underwriters spend on manual tasks, enabling them to focus on more complex decision-making processes.
Moreover, Cytora's platform supports the entire underwriting workflow by providing customisation options for carriers' needs, prioritisation of risks, and actionable insights through analytics. This boosts underwriting productivity and accelerates broker responsiveness and enhances profitability by aligning the business with the insurer's risk appetite and target portfolio.
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