Insurtech Cytora to Boost Global Property Risk Assessment

The commercial property insurance sector faces mounting pressure to improve risk assessment accuracy amid rising climate-related losses and changing urban landscapes. Now, a new partnership announced aims to address these challenges through enhanced location intelligence.

The collaboration between Cytora, which provides digital risk processing platforms for insurers, and dataplor, a point-of-interest data intelligence firm, will give property underwriters access to verified location data on 250 million sites globally. This development comes as insurers seek to reduce their exposure to poorly understood risks in emerging markets.

Data integration and partnerships

The integration will feed dataplor’s location intelligence directly into Cytora’s underwriting platform. This data, which covers 200 countries, is human-verified and updated in real-time - a process known in the insurtech sector as ‘continuous validation’.

Property underwriters will be able to use this data across multiple insurance workflows, from initial risk clearance through to quote generation. The platform uses application programming interfaces (APIs) to enable automated data exchange between systems, reducing the time typically required for risk assessment from days to minutes.

The partnership addresses a key challenge in commercial property insurance: the need for accurate, current data about building use, occupancy and structural details in markets where this information is often difficult to obtain or verify.

Market expansion and technological advancement

The collaboration follows Cytora's recent expansion in North America through its partnership with Arch Insurance, a commercial lines insurer. Cytora has also implemented Large Language Models (LLMs) - machine learning systems trained on vast amounts of text data - to enhance its risk assessment capabilities.

These technological developments reflect a broader trend in commercial insurance towards automation of routine underwriting tasks, allowing human underwriters to focus on complex risks that require detailed assessment.

Juan de Castro, Chief Operating Officer at Cytora, says: "Dataplor has created one of the largest resources of location based data in the world. Integrating it into Cytora's platform enables underwriters to leverage this powerful resource to enhance their risk assessments."

Global reach and data accuracy

The partnership aims to address a common challenge in international insurance: the accuracy of location data in emerging markets. Dataplor's system uses local teams to verify physical locations, a method that differs from traditional satellite or automated data collection.

This approach has significance for property insurers who need to assess risks in markets where official records may be incomplete or outdated. The system allows for real-time updates on changes to building use, occupancy, and local risk factors.

The data will integrate with existing property risk assessment tools, including flood mapping and natural catastrophe models, to create what insurtech professionals term a 'single source of truth' for location intelligence.

Market implications

The partnership signals a shift in how commercial property insurers approach risk assessment in international markets. Traditional methods of relying on historical data and periodic updates are giving way to real-time monitoring and continuous risk assessment.

For insurers operating in multiple jurisdictions, the ability to access verified location data through a single platform could reduce the complexity of international operations. The system also enables insurers to monitor changes in property use or occupancy that might affect risk profiles.

The integration comes at a time when property insurers face pressure to improve profitability while expanding into new markets. Access to verified location data could help insurers identify opportunities in previously overlooked regions while maintaining risk control standards.

Geoff Michener, CEO of dataplor, says: "We're thrilled to partner with Cytora to empower the insurance industry with actionable location intelligence. By combining dataplor's comprehensive, real-time data with Cytora's advanced platform, we're enabling insurers to make more informed, data-driven decisions and ultimately improve their risk assessment processes."

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