Artificial intelligence (AI)-driven digital risk processing platform Cytora has joined forces with Xapien, a company specialising in AI-powered due diligence, to deliver rapid, and automated due diligence to commercial insurers.
Through the integration, both parties will allow commercial insurance underwriters to easily access Xapien’s AI due diligence tool directly through Cytora’s platform.
This is expected to eliminate the need for manual checks of numerous data sources for potential risks.
Xapien’s technology can automatically read and analyse information from online media, corporate records, and structured screening data in any language, reducing the time required for due diligence from hours or days to minutes.
The rapid access to automated due diligence reports on all policyholders will help combat commercial claims fraud and provide more informed forecasting.
The integration also empowers insurers to leverage data more effectively across their various business lines and streamline multi-step workflows from submission to quote.
By unifying risk data and digitising core processes, insurers can make better-informed decisions, improving their speed to market and enhancing the experience for both insurers and clients.
Based in the UK, Xapien utilises advanced AI and natural language processing to offer on-demand research for businesses seeking to truly understand their third parties. The firm’s clients include Dow Jones Risk & Compliance, The Museum of London, Griffin, and Zurich.
Xapien chief operating officer and co-founder Dan Secretan said: “Partnering with Cytora is a milestone for us as we continue to establish our presence in the insurance sector.
“Underwriters with access to rapid, automated due diligence reports on potential policyholders are able to make more informed, risk-based decisions, leading to more accurate pricing.”
This partnership marks the latest in a series of integrations Cytora has secured as part of its goal to develop one of the most comprehensive insurance data ecosystems globally, said the company.
Cytora chief operating officer Juan de Castro said: “Cytora’s commitment to innovation aligns perfectly with our integration with Xapien. By bringing Xapien’s AI due diligence tool into our platform, we’re equipping insurers with the tools they need to make more informed decisions about the risks they write.
“This collaboration strengthens our ongoing efforts to provide insurers with the most advanced solutions, ultimately enhancing their ability to manage risks effectively.”
