Cytora Secures ISO 42001 Certification for Artificial Intelligence Governance, One of the Initial Global Firms to Achieve This Designation
In a significant move for the insurance technology sector, Cytora, a leading digital risk processing platform, has achieved ISO/IEC 42001 certification. This makes Cytora one of the first insurtech companies to receive this prestigious recognition, reflecting its commitment to ethical and accountable AI development.
The ISO/IEC 42001 certification is the world's first international standard for Artificial Intelligence Governance. It provides organizations with a structured framework for AI governance through an AI Management System (AIMS), emphasizing ethical, transparent, secure, and compliant use of AI.
Cytora's AI implementation is foundational to its platform, which uses advanced language models to digitize risk submissions. AI is used to streamline intake, enrich submissions, and enhance efficiency. However, it's important to note that Cytora's AI is designed to support, not replace, critical underwriting decisions.
The certification process involved establishing and maintaining an AIMS that covers policy development, risk assessment, internal audits, management reviews, continuous monitoring, corrective actions, and continual improvement of AI systems to address evolving risks and technologies. Organizations need to assess their AI landscape, identify governance gaps, engage cross-functional stakeholders, and implement the AIMS framework aligning with ISO clauses on planning, support, operation, evaluation, and improvement.
For Cytora, adopting ISO 42001 can improve trust among customers and partners by demonstrating rigorous AI oversight. It helps meet emerging regulatory requirements and differentiates itself competitively by showcasing superior AI risk management capabilities. Moreover, it facilitates sustainable innovation and operational efficiency while future-proofing AI deployment in a highly regulated industry.
João Domingues, Security Director at Cytora, stated that it is crucial to handle AI innovation responsibly to protect the insurance industry and its customers. He emphasized that this certification is significant for maintaining market leadership and regulatory confidence in the insurtech sector.
Cytora's AI operations are underpinned by auditable frameworks and explainability features. The company embeds formal risk reviews, human-in-the-loop controls, and comprehensive impact assessments across its product lifecycle. This ensures that their AI systems are trustworthy, compliant, and ethically managed, which is critical for maintaining market leadership and regulatory confidence.
Major insurers such as Chubb, Arch, and Everest have partnered with Cytora, recognizing the value of its AI-powered service, Concierge, for automating the categorization and digitization of an insurer's entire intake. In 2024, the transaction volume processed by the Cytora platform increased sevenfold, highlighting the efficiency and effectiveness of its AI-driven solutions.
Cytora has already achieved ISO 27001 certification, further demonstrating its commitment to security and data protection. This latest ISO/IEC 42001 certification underscores Cytora's position as a leader in responsible AI governance, setting a high bar for other insurtech companies to follow.
[1] ISO/IEC 42001:2021 - Overview of ISO/IEC 42001:2021 [2] ISO/IEC 42001:2021 - Artificial Intelligence – Management System Requirements [4] ISO/IEC 42001:2021 - Benefits of ISO/IEC 42001:2021
[1] The ISO/IEC 42001:2021 certification, recently acquired by Cytora, represents a significant milestone for the insurtech industry as it centers around Artificial Intelligence Governance. [2] As a result of this achievement, Cytora's technology will be managed through an AI Management System, emphasizing transparency, ethical usage, and security of AI.
