Company Offers Actionable Data Insights into Climate and Property Risk
CB Insights has recognised ZestyAI as a top 50 insurtech company and a market leader in climate and property risk analytics. ZestyAI is an artificial intelligence (AI)-powered provider of climate and property risk intelligence.
From a pool of over 2,000 businesses, CB Insights’ research team chose 50 market leaders. During the picking process, we looked at things like R&D output, Mosaic scores, business connections, Yardstiq transcripts, investor profiles, news sentiment analysis, the strength of the competition, and the quality of the team. Novelty in technology and commercial viability were also considered.
The stakes of climate change are rising. According to ZestyAI co-founder and CEO Attila Toth, annual insured losses of more than $100 billion due to natural calamities are now considered a given. As the insurance sector develops and adjusts to climate risk, artificial intelligence will play an increasingly important role. Our North American insurance carrier partners are seeing a return on investment from ZestyAI of at least ten times.
The property and casualty insurance sector has had to deal with the fallout of more frequent and more intense weather occurrences in recent years. According to ZestyAI, insurers and property owners are left vulnerable because traditional risk models, which are typically decades old, fail to effectively predict dangers. Insurers have come to see AI as an essential tool for assessing risks and mitigating them because of this pressing problem.
When it comes to providing accurate modelling that exposes property vulnerability, ZestyAI uses novel data sources like aerial images. ZestyAI provides thorough, data-driven insights to help businesses better manage climate and property risks by analysing specific variables like roof complexity, quality, and building materials.
The company claims that the ZestyAI models also provide price and risk transparency. Customers can learn more about risk drivers and what they can do to reduce their property’s risk exposure when carriers present them with the results of risk models.
The platform now also considers the danger posed by extreme convective storms, which was added earlier this year.
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