GeoSmart teams up with Cytora to help insurers stem flood risk

GeoSmart Information has announced a new partnership with leading commercial and specialty insurance platform Cytora.

The integration of GeoSmart’s pioneering flood risk data into Cytora’s digital risk processing platform will mean insurers have access to almost complete flood and climate risk data, enabling more comprehensive risk evaluation and decision-making.

Cytora is the configurable platform that enables commercial insurers to process risks at greater efficiency and accuracy. They digitize every incoming risk, augment them with additional data sources, evaluate them against multiple rules, including appetite and priority rules, and route them to downstream systems for automated or manual underwriting.

Commercial sites are 50% more likely to flood and result in twice the losses from groundwater flooding than residential properties. GeoSmart has an innovative approach in considering the role of groundwater in detail, as well as including risks of emergence and flow of groundwater and the interactions that drive increased consequences from river, surface water and coastal flooding due to the long duration of groundwater driven events, all through our FloodSmart Analytics tool.

Read the press release here.