Digital danger processing platform Cytora has partnered with data-driven artwork evaluator Overstone.
The collaboration will permit speciality insurers to entry Overstone’s artwork intelligence via Cytora’s platform.
Consequently, underwriters will be capable of get a transparent image of the worth, worth variation, liquidity in addition to situation and authenticity danger of any paintings they’re assessing.
Juan de Castro, COO at Cytora, stated: “Artwork insurance coverage might be extremely complicated because of the inaccessibility of related data and the dynamic nature of valuations. This makes assessing danger a time consuming and troublesome course of. Our partnership with Overstone eliminates these ache factors and can allow underwriters to make selections shortly and with precision.
“Overstone is the main supplier, combining information and deep artwork experience to energy insurance coverage’s understanding of reside artwork pricing, danger and administration. Our integration marks an enormous step ahead in our mission to construct the insurance coverage business’s most complete information ecosystem.”
Harco van den Oever, CEO at Overstone, added: “We’re delighted to be partnering with Cytora, the main insurance coverage digital danger processing platform. Overstone has long-standing relationships with most of the world’s largest institutional gamers within the insurance coverage and personal banking industries. Now we have a profitable historical past of equipping them with the instruments and companies to energy their work with artwork. Overstone’s work with insurance coverage underwriters and brokers offers them with insights into the information, dangers and alternatives. Our integration with Cytora will allow a a lot wider viewers to profit from Overstone’s experience in artwork and information.”
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In August 2024, Cytora partnered with environmental information specialist, GeoSmart Info.
Integrating GeoSmart and its information into Cytora’s digital danger processing means insurers may have entry to virtually full flood and local weather danger information. This could allow extra complete danger analysis and decision-making.
GeoSmart Info specialises in growing and publishing modern flood danger maps and information, characterising flood danger all the way down to a person property degree. With flooding a key danger issue, and will increase in danger resulting from local weather change and the better variety of storms affecting properties and companies, such data is extra helpful than ever to underwriters in property insurance coverage. It can assist to tell insurers with danger choice, claims certification, and pricing flood danger premiums.
