Cytora Partners with Moody's RMS on Climate Risk Tech
Digital risk processing platform Cytora has announced an integration partnership with Moody's RMS, a catastrophe risk modeling firm, to enhance insurance underwriters' ability to assess climate and natural disaster risks.
The partnership connects Moody's RMS Location Intelligence API, which provides catastrophe peril data across 100 countries, with Cytora's risk processing platform. The integration aims to speed up risk assessment processes for property and casualty (P&C) insurers.
Michael Richitelli, Managing Director of Global Insurance Sales at Moody's, says: "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."
Market Context
Insurance claims from natural catastrophes have exceeded US$100bn annually for four consecutive years, highlighting the increasing pressure on insurers to improve their risk assessment capabilities. The integration allows insurers to incorporate climate risk data into their underwriting decisions.
“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"
Cytora's platform processes incoming insurance risks by digitising submissions, adding external data, and routing them through automated or manual underwriting systems. The partnership with Moody's RMS adds catastrophe modelling capabilities to this process.
Technology Integration
The combined solution enables insurers to use catastrophe risk data across multiple business lines, including risk clearance and onboarding. The system integrates with existing insurance workflows from initial submission through to quote generation.
This partnership marks an expansion of Cytora's data ecosystem. The firm recently announced a collaboration with global insurer Chubb and launched an enhancement to its platform that uses Large Language Models (LLMs) - machine learning systems trained on text data - alongside its proprietary artificial intelligence.
Richard Hartley, CEO and Co-founder of Cytora, says: “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.”
Exploring Cytora
Cytora was founded in 2014 by Richard Hartley and Aeneas Wiener, emerging from research at the University of Cambridge. The company specialises in using artificial intelligence and machine learning to improve commercial insurance underwriting processes.
A key milestone came in 2017 when they raised £4.4m (US$5.5m) in funding from investors including Cambridge Innovation Capital.
This was followed by a significant Series A round in 2019, raising £25m (US$31.4m) led by EQT Ventures, with participation from Parkwalk and several existing investors.
The company has developed a risk digitization platform that helps commercial insurers automate underwriting decisions and improve risk assessment.
Its technology processes various data sources to provide insurers with detailed risk insights.
Notable partnerships include collaborations with major insurers like QBE and Convex Group.
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