Partnership will embed a new type of AI and ML powered data directly into the Cytora platform enabling insurers to have a superior view of the property exposure risks driving growth of the Gross Written Premium (GWP) and reducing loss ratio.
3rd November 2022: Cytora, the digital risk processing platform, and Tensorflight, a leading property data and insights provider, have partnered to provide the commercial insurance industry with a more streamlined and informed understanding of property risk.
Tensorflight’s proprietary AI and computer vision technologies eliminate inaccuracies within property infrastructure data and significantly decrease the cost of, and time spent on in-person property inspections. Its solutions are used by several of the largest commercial property insurers.
Through this partnership, insurers will now have the ability to automatically embed Tensorflight data and analytics insights within Cytora’s industry-leading risk digitisation platform thus enabling improved data utilisation, better insights and faster decision-making.
The partnership builds on a growing ecosystem of data and insight providers pre-integrated into the Cytora platform enabling an integrated end-to-end customer journey.
Juan de Castro, COO of Cytora, said: “Tensorflight is a great source for property data. Insurers will benefit tremendously from having Tensorflight’s intelligence embedded within our digital risk flows to evaluate property exposure. This partnership builds on our commitment to equip carriers with the data they need to evaluate any risk.”
Commenting on the partnership, Jakub Dryas, CEO of Tensorflight said: “Commercial insurance underwriting continues to suffer from inaccuracies and inefficiencies largely due to the quality of the information underwriting decisions are based on. Integrating our AI and computer vision solutions into the Cytora platform will further enhance the accuracy of the property infrastructure data. We’re delighted to partner with Cytora and help their customers more accurately assess and identify property risk.”
Cytora is the configurable platform that enables commercial insurers to process risks at greater efficiency and accuracy. Cytora digitises every incoming risk, augments them with additional data sources, evaluates them against multiple rules, including appetite and priority rules, and routes them to downstream systems for automated or manual underwriting.
Founded in 2016, Tensorflight is transforming the global P&C market with its AI imaging based technology. It uses satellite, aerial and ground level imagery to automate commercial property inspections and claims processing, helping underwriters with risk assessment and to better understand their portfolio exposures.
Its proprietary AI and computer vision technologies eliminate inaccuracies within property infrastructure data, significantly decreasing both the cost of and time spent on inspections in the insurance process. With Tensorflight, the cost of in-person property inspections can be reduced by over a quarter, and its solutions can considerably enhance the efficiency of the claims function.
A Polish/US company with offices in Warsaw, New York and London, Tensorflight is used by many of the largest global commercial property insurers.