Cytora & Overstone to provide insurers with vital data insights on artistic work

Digital risk processing platform Cytora has partnered with Overstone, the data-driven art evaluator, in a move that will allow speciality insurers to gain access to Overstone’s art intelligence through Cytora’s platform.

From what we understand, this integration will allow underwriters to obtain a clear picture of the value, price variation, liquidity and condition and authenticity risk of any artwork that they are assessing, which will ultimately enable more comprehensive risk evaluation and better decision-making.

Juan de Castro, COO at Cytora, commented: “Art insurance can be incredibly complex due to the inaccessibility of relevant information and the dynamic nature of valuations. This makes assessing risk a time consuming and difficult process. Our partnership with Overstone eliminates these pain points and will enable underwriters to make decisions quickly and with precision.”

Adding: “Overstone is the leading provider, combining data and deep art expertise to power insurance’s understanding of live art pricing, risk and management. Our integration marks a big step forward in our mission to build the insurance industry’s most comprehensive data ecosystem.”

Harco van den Oever, CEO at Overstone, said: “We are delighted to be partnering with Cytora, the leading insurance digital risk processing platform. Overstone has long-standing relationships with many of the world’s largest institutional players in the insurance and private banking industries.

“We have a successful history of equipping them with the tools and services to power their work with art. Overstone’s work with insurance underwriters and brokers provides them with insights into the data, risks and opportunities. Our integration with Cytora will enable a much wider audience to benefit from Overstone’s expertise in art and data.”

In related news, Arch Insurance North America recently partnered with Cytora to further digitise it’s risk intake and streamline underwriting workflows.

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