AI Company Cytora Secures ISO/IEC 42001 Certification in AI Governance

AI Company Cytora Secures ISO/IEC 42001 Certification in AI Governance

In a significant move towards responsible AI deployment, Cytora and Corlytics have become the latest technology companies to receive the ISO/IEC 42001 certification for their Artificial Intelligence Management Systems (AIMS). This certification, the world's first international standard for AI Governance, reflects a commitment to ethical and responsible AI usage.

João Domingues, Security Director at Cytora, expressed pride as the company was one of the first insurance technology providers to receive the ISO/IEC 42001 certification. Cytora's AI governance involves formal risk reviews, human-in-the-loop controls, and comprehensive impact assessments across its product lifecycle.

The ISO/IEC 42001 certifications require organisations to establish and maintain an AI Management System (AIMS) that ensures responsible AI usage through strong governance, risk management, transparency, accountability, legal compliance, and continuous improvement across the AI lifecycle. Key elements include understanding the context of the organisation, demonstrating leadership commitment, planning processes, allocating necessary resources, operating AI systems per defined policies, regularly evaluating performance, and continually improving the AI governance system.

This certification not only enhances trust from stakeholders but also complies with emerging global AI regulations. It provides risk mitigation, improves transparency and accountability, strengthens internal governance processes, and gives a competitive advantage in the market. The standard helps organisations define their AI governance scope, align with regulatory frameworks worldwide, and create trustworthy, transparent AI systems.

Meanwhile, Cytora's AI-powered service, Concierge, has been streamlining intake, enriching submissions, and enhancing efficiency in the insurance sector. While the AI service automates categorizing and digitizing an insurer's entire intake across every transaction type, it does not replace critical underwriting decisions like pricing or risk selection. Cytora has partnered with major insurers including Chubb, Arch, and Everest.

Corlytics, the first RegTech firm to achieve the ISO/IEC 42001:2023 certification for its business-wide AI management system, joins a select group of leading technology companies in this achievement. This certification underscores Corlytics' commitment to AI Governance and its role in fostering shared understanding within industries necessary for the global advancement of responsible AI.

In 2024, the transaction volume processed by the Cytora platform increased sevenfold, a testament to the effectiveness of their AI-powered service. As more organisations adopt responsible AI practices, the potential for improved efficiency and compliance in various industries continues to grow.

References: [1] ISO. (2023). ISO/IEC 42001:2023 - Overview. [online] Available at: https://www.iso.org/standard/85302.html [2] ISO. (2023). Benefits of ISO/IEC 42001. [online] Available at: https://www.iso.org/standard/85302.html#benefits [3] ISO. (2023). Key requirements of ISO/IEC 42001. [online] Available at: https://www.iso.org/standard/85302.html#requirements [4] ISO. (2023). ISO/IEC 42001:2023 - How to get started. [online] Available at: https://www.iso.org/standard/85302.html#howto [5] ISO. (2023). ISO/IEC 42001:2023 - What is it about? [online] Available at: https://www.iso.org/standard/85302.html#about

1. Cytora, following its ISO/IEC 42001 certification, is becoming a pioneer in the insurtech sector, demonstrating a commitment to ethical AI usage through rigorous governance, which benefits from underwriting, events, technology, and finance in the business.
2. The ISO/IEC 42001 certification for AI governance systems, like Cytora's, requires organizations to adapt artificial-intelligence technology, ensuring compliance with regulation, risk management, and improvement across the AI lifecycle.
3. The strategic partnership between Cytora and major insurers such as Chubb, Arch, and Everest has been bolstered by their adoption of AIMS, proving vital in fostering innovation in the insurance sector.
4. With the ongoing advancement of AI technology and the increasing importance of responsible AI deployment, regulatory bodies are promoting the ISO/IEC 42001 standard to encourage innovation, transparency, and continuous improvement in diverse industries like finance and technology.

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