Cytora, ChAI Partner to Assist Insurers in Difficult Market

The collaboration will allow insurers to leverage ChAI’s advanced commodity price forecasts and market intelligence across a broad spectrum of commodities, including metals, energies, plastics, and agricultural products. By integrating these insights into Cytora’s platform, insurers will gain access to comprehensive data on commodity price fluctuations and their implications for insurance risks, with forecasts extending up to a year ahead.

As raw material price volatility continues to challenge insurers and the wider economy, the integration of ChAI’s forecasting capabilities with Cytora’s risk assessment tools is set to empower insurers to make more informed, faster decisions.

This, in turn, improves the resilience of insurance firms, enabling them to navigate more frequent and severe market disturbances triggered by natural disasters, geopolitical events, and other global crises.

The partnership is expected to provide greater support for organizations involved in raw material production. Smaller companies, which are often underserved by existing risk management solutions, are likely to benefit from an increased availability of insurance options.

Juan de Castro, COO at Cytora, emphasised the significance of this collaboration: “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, echoed these sentiments, stating, “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.”

This partnership with ChAI is the latest in a series of strategic alliances for Cytora, aimed at building one of the world's most comprehensive data ecosystems for insurers. It follows a period of significant growth for Cytora, including a major collaboration with Chubb and the launch of the latest enhancement to its platform. This enhancement leverages Large Language Models (LLMs) alongside Cytora’s proprietary AI, bringing a new level of accuracy and efficiency to risk assessment and underwriting processes.