Cytora, a digital risk processing platform, has announced a partnership with ChAI, an AI-powered commodity price forecaster and market intelligence provider. This collaboration will enable insurers to access ChAI’s commodity price forecasts and market intelligence across various commodities, such as metals, energy, plastics, and agriculture, through Cytora’s platform. The goal is to provide insurers with detailed information on commodity price fluctuations and their impact on insurance risks, with the ability to access forecasts up to a year in advance.
The partnership comes at a time when volatility in commodity prices is presenting challenges for insurers and the economy at large. By integrating ChAI’s forecasting capabilities with Cytora’s risk assessment platform, insurers will be able to make more informed decisions quickly. This will help insurance companies build greater resilience to handle market disruptions caused by natural disasters, geopolitical events, and global crises.
In addition to benefiting insurers, this partnership will also support resilience within organizations that produce raw materials. It is expected to expand the availability of insurance solutions for smaller businesses that may not currently have access to comprehensive risk management offerings.
This collaboration is part of Cytora’s strategy to create a comprehensive insurer data ecosystem and follows a period of growth for the company. Cytora has recently entered into partnerships with other organizations, including Chubb, and has introduced enhancements to its platform, such as leveraging large language models (LLM) to improve risk evaluation processes.
Juan de Castro, COO at Cytora, emphasized the importance of data and analytics in making informed insurance decisions, especially in today’s volatile markets. He sees the partnership with ChAI as a way to provide critical insights to clients and enhance insurers’ ability to manage risk with precision and foresight.
Tristan Fletcher, CEO and co-founder of ChAI, highlighted the collaboration as a significant step in applying AI to address complex challenges in the insurance industry. Together, Cytora and ChAI aim to help insurers navigate the uncertainties of global commodity markets with greater confidence and accuracy.
Overall, the partnership between Cytora and ChAI signifies an important advancement in using technology to improve risk assessment and decision-making in the insurance sector. By leveraging AI-powered forecasting tools and market intelligence, insurers can better prepare for and respond to the evolving landscape of commodity prices and associated risks.
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https://insurance-edge.net/2024/06/20/cytora-partners-with-chai-on-market-intel-project/