(Tallinn Old Town, Estonia. Image credit: Ilya Orehov/Unsplash.)
Cytora (New York), the provider of a configurable platform that enables commercial insurers to process risks at greater efficiency and accuracy, has announced that announced that Vespia’s (Tallinn, Estonia) AI powered risk analytics are now being used to enhance the underwriting process within Cytora’s platform, providing commercial insurance underwriters with deeper insights into business risks associated with AML and sanctions.
Integration of data sources like Vespia directly into risk processing workflows enables insurers to digitize their core workflows, make better-informed decisions on risk and improve speed to market; enhancing broker and client experience, a Cytora statement says. The vendor says that its platform enables insurers to operationalize data more broadly across their lines of business, (including for risk clearance, onboarding and triage) and more effectively through their multi-step workflows from submission to quote, enabling underwriters to make faster, more informed decisions.
“At Cytora, we are committed to transforming the insurance industry by harnessing data and analytics,” comments Juan de Castro, COO, Cytora. “Our partnership with Vespia shows how we are making a wide array of data available to our customers including adverse media screening, PEPs and sanctions and UBO verification to equip insurers with the latest tools to address complex risks. We believe that together, we can revolutionize underwriting and improve the resilience of businesses and communities.”
Granular Insights and a More Holistic View of Risk
“Vespia’s integration with Cytora’s cutting-edge platform represents a milestone in our journey towards redefining the AML compliance landscape,” comments Julia Ront, CEO, Vespia. “Our advanced AI-driven analytics are not just enhancing the underwriting process; they are reshaping the future of risk assessment. By providing granular insights and a more holistic view of potential risks, we empower insurers to navigate the complex regulatory environment with confidence and precision.”