ZestyAI, a climate and property risk analytics solutions provider, is expanding its existing partnership with Amica Mutual Insurance, enabling the insurance firm to leverage ZestyAI’s full property and climate risk analytics platform.
As natural catastrophes, including wildfires and convective storms, become more frequent and severe, insurers are looking for new ways to accurately predict and proactively address the growing threat of climate risk.
Recognising this, ZestyAI provides property-specific data to help insurers determine the true risk for each property. Its models examine the interaction of climatology, geography, and the unique characteristics of every structure and roof, analysed in 3D, including accumulated damage from historical storms. These models are trained on huge amounts of loss data, making them the most accurate solutions on the market.
Now, Amica will leverage AI-powered climate risk models that evaluate both the hazard and vulnerability of hail and wind damage, ‘Z-HAIL’ and ‘Z-WIND’, as well as ZestyAI’s property risk solution, ‘Z-PROPERTY’.
Amica plans to integrate these new predictive analytics models into a unified AI platform with their existing wildfire risk assessment, Z-FIRE, and regulatory compliance solutions, CA Compliance Prefill.
“One of the most meaningful ways we protect our customers and their homes is to work with them to understand and mitigate risk,” said Rebecca L. Stolte, assistant vice president at Amica. “We’ve had a very positive experience effectively utilising ZestyAI’s technology in wildfire-prone states. Adding property insights and climate models for hail and wind will give us a comprehensive view of risk, allowing us to better serve our customers.”
With ZestyAI models, carriers are able to move from territory-based segmentation to a property-by-property risk assessment. They also benefit from enhanced underwriting and portfolio optimisation and can more accurately align policies with coverage needs.
Better understanding of risk potential
Amica is now adopting peril-specific risk models for even more accurate risk assessment and will continue to rely on roof quality assessment using ZestyAI’s Z-PROPERTY solution in its underwriting processes.
By leveraging multiple products on the ZestyAI Climate and Property Risk platform, Amica will gain a better understanding of risk for each individual property and be able to make informed and transparent risk decisions to continue to deliver world-class services to its valued customers.
“Amica earned the top spot in the J.D. Power 2024 US Property Claims Satisfaction Study,” said Attila Toth, founder and CEO of ZestyAI. “As the leader in customer satisfaction, they recognise the importance of utilising technology to help customers manage the increasing danger of severe weather.”
ZestyAI models enable carriers to adjust inputs based on customer mitigation actions, leading to dynamic risk score updates. This fosters a collaborative approach where both carriers and policyholders can work together to manage risk effectively.
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