Following a £2.4m investment provided by Parkwalk, Artificial Intelligence start-up Cytora has successfully partnered with three insurers, providing their services in the commercial space.
Following the investment in January of this year, Cytora has provided its services to three major insurers and will be expanding internationally.
The start-up utilises publicly available data to give underwriters analytical overview and insights into the risk factors of certain buildings, allowing them to make decisions surrounding pricing and underwriting.
The comprehensive analytics compiled by the system give insurers an understanding of new and emerging risks to help tighten up policy wordings.
“Since April this year, we’ve partnered with three insurers who have experienced an improvement in their loss ratios,” Richard Hartley, CEO of Cytora told Post.
“It takes years of experience in underwriting to get policy wording done properly but the analytics we provide to our insurer clients gives them deep insight into risk, allowing them to underwrite policies and predict risks.”
Following its new partnerships, the AI start-up is looking to build upon its business through international expansion.
“The first step in our international expansion is the US and we have plans to expand to the US and we will be very selective in terms of who we go into business with,” Hartley added.
Post understands that Cytora’s clients will be making official announcements in Q4 this year.
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