Cytora partners with Meetrisk to enhance marine insurance risk evaluation

Cytora, a digital risk processing platform, has teamed up with Meetrisk, a provider of advanced marine risk intelligence.

This collaboration integrates Meetrisk’s Marine Platform into Cytora’s sophisticated underwriting productivity tool, enabling marine insurers to utilise improved resources for accurate risk assessment and management of vessels, fleets, and portfolios.

As a result, insurers will be better equipped to address the challenges posed by the fragmented shipping industry and the growing geopolitical and climate-related issues affecting the sector.

Meetrisk specialises in providing precise and thorough risk evaluations within the marine industry.

Its latest platform includes several innovative features, such as an enhanced marine risk scoring system, an automated tool for managing war zone insurance, automatic calculations of accumulated values for specific zones, and screening for international sanctions related to vessels. This extensive data will facilitate more effective risk assessment and informed decision-making for insurers.

Cytora’s partnership with Meetrisk is part of its ongoing strategy to create one of the most comprehensive data ecosystems for insurers.

This collaboration follows a notable period of growth for Cytora, including a significant alliance with Chubb and the recent launch of platform enhancements that incorporate Large Language Models (LLMs) alongside Cytora’s proprietary AI, elevating accuracy and efficiency in risk evaluation and underwriting processes.

Juan de Castro, COO at Cytora, commented: “Incorporating Meetrisk’s suite of critical data into our platform is an important milestone for Cytora. Meetrisk’s sophisticated risk assessment capabilities for the marine insurance industry perfectly complement our mission to optimise underwriting workflows, and we are delighted to be working together to support more insurers as they enhance their competitive edge, with the ability to make quicker, better-informed decisions.”

Laurent Barbagli at Meetrisk, added: “Our collaboration with Cytora represents a significant step forward in applying data to solve complex problems in marine insurance. Together, we will enable insurers to navigate the current uncertainties of the global marine industry with greater confidence and precision.”

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