Cytora and LexisNexis Risk Solutions have announced a strategic relationship to embed best-in-class data and advanced analytics from “LexisNexis Risk Solutions” directly into the Cytora platform to help American commercial insurance companies scale their ability to assess, predict and manage risk.
For United States-based commercial insurers, a centralised and automated approach to underwriting can help deliver unparalleled insight into risk selection.
Commercial insurers leveraging Cytora’s configurable, LLM-powered platform can tailor essential information from “LexisNexis Risk Solutions” to their own unique underwriting criteria, helping to enhance speed and accuracy in critical processes such as submission triage and entity resolution.
This approach empowers commercial insurers to automatically enrich submissions with crucial external information, minimising manual lookups and reducing friction across underwriting workflows. As a result of the collaboration, commercial insurers can substantially improve the speed of their risk decisioning.
Cytora’s platform digitises each incoming risk, augments it with external data sources, evaluates it against configured rules and routes it for automated or manual underwriting.
LexisNexis Risk Solutions brings industry-leading data analytics solutions to provide a more thorough picture of risk, as well as proprietary linking technology for individual business entity resolution, to help ensure that risk information is transformed into decision-ready assets across the entire policy lifecycle, from new business to claims and renewals.
The incorporation of US commercial business firmographics data via LexisNexis Commercial Data Prefill represents the first step in integrating additional LexisNexis Risk Solutions commercial insurance products into the Cytora platform.
Juan de Castro, COO at Cytora, said: “This collaboration marks a significant milestone in Cytora’s mission to build one of the world’s most comprehensive data ecosystems for insurers. LexisNexis Risk Solutions is renowned for providing essential information and advanced data analytics to the insurance industry. By integrating their robust risk data directly into our platform, we are providing our commercial insurance clients with the intelligence needed to accelerate their decision-making and enhance control over risk selection. Together, we can enable underwriters to operate on a more complete, tailored view of the client risk profile, helping to optimise operational efficiency and drive profitability across all lines of business.”