ZestyAI launches AI model to tackle non-weather water claims

Climate and property risk analytics provider ZestyAI has launched Z-WATER, an AI-powered property-specific model designed to predict the frequency and severity of non-weather water and freeze claims.

Non-weather water claims are a leading cause of insurance losses, ranking third nationwide, highlighting the urgent need for a predictive tool like Z-WATER.

Z-WATER is the first model to focus specifically on the inside of homes. It incorporates detailed property-specific factors, such as construction and architectural features, as well as local infrastructure and water distribution systems, to deliver a comprehensive risk assessment.

Z-WATER helps the insurance industry set fair rates, mitigate risks through measures like installing water sensors at high-risk properties, and streamline operations by quickly processing low-risk properties so that more vulnerable ones can be prioritised.

Kumar Dhuvur, Co-Founder and Chief Product Officer of ZestyAI, said, “The landscape of non-weather water claims is shifting, with a concerning trend towards increased claim severity.”

Dhuvur added, “The rising cost of building materials and labour has inflated claim payouts. Additionally, the interconnected nature of our homes, with open floor plans, finished basements, and high-value electronics, means water damage can have a significantly higher price tag.”

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