Cytora, the digital risk processing platform has partnered with GeoSmart Information, the environmental data specialist, in a move that it set to help insurers stem flood risk.
As a result, this will enable more comprehensive risk evaluation and decision-making.
For those who are not aware, GeoSmart Information specialises in developing and publishing flood risk maps and data, characterising flood risk down to an individual property level.
It’s no secret that flooding is a major risk factor, and increases heavily in risk due to climate change and the greater number of storms impacting homes and businesses. Therefore, such information on flood risk is very useful for underwriters working within property insurance, as it can help inform insurers with risk selection, claims certification, and pricing flood risk premiums.
“At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with GeoSmart Information and the integration of their data into our platform is a testament to this commitment. At a time when there is heightened uncertainty as a result of climate change, it equips insurers with a powerful resource for understanding and mitigating flood and other environmental-related risks, ultimately helping them provide superior insurance solutions,” commented Juan de Castro, COO at Cytora.
“With flooding the biggest natural peril we face in the UK, and risks doubling this generation, it is vital that insurers access more complete flood risk data to inform pricing and underwriting and risk mitigation decisions,” said Mark Fermor, Director at GeoSmart Information.
Adding: “We are delighted to be working with Cytora to make our more complete property-level FloodSmart Analytics data accessible through their leading-edge platform for the insurance industry, helping to ensure an enhanced and faster decision-making process for Cytora’s customers when it comes to managing such risks effectively.”
