Zesty AI & Amica Mutual expand partnership in face of increasing climate risks

Zesty AI, a provider of climate and property risk analytics solutions powered by artificial intelligence (AI), and Amica Mutual Insurance, a provider of auto, home and life insurance, have expanded their long-standing partnership.

According to the announcement, Amica will now leverage ZestyAI’s full property and climate risk analytics platform, which includes 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 the firm’s property risk solution, Z-PROPERTY™.

From what we understand, Amica will 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.

With natural catastrophic events, such as severe convective storms and wildfires, becoming more frequent and severe, it’s very important that insurers find better and more effective ways to accurately predict and proactively address the growing threats of climate risk.

Following on from this, ZestyAI is increasing its presence, in order to help more insurers determine the true risk for each property.

The company’s models are able to examine the interaction of climatology, geography, and the characteristics of every structure and roof, all of which are analyzed in 3D, including accumulated damage from historical storms.

The models allow for carriers to move from territory-based segmentation to a property-by-property risk assessment.

As well as this, carriers will also benefit from enhanced underwriting and portfolio optimisation, allowing them to more accurately align policies with coverage needs as well.

Meanwhile, Amica is also reportedly adopting peril-specific risk models for more accurate risk assessment. It has been confirmed that the company will continue to rely on roof quality assessment by using ZestyAI’s Z-PROPERTY solution within their underwriting processes.

Rebecca L. Stolte, Assistant Vice President at Amica, commented: “One of the most meaningful ways we protect our customers and their homes is to work with them to understand and mitigate risk We’ve had a very positive experience effectively utilizing 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.”

Attila Toth, Founder and CEO of ZestyAI, said: “Amica earned the top spot in the J.D. Power 2024 US Property Claims Satisfaction StudySM. As the leader in customer satisfaction, they recognize the importance of utilizing technology to help customers manage the increasing danger of severe weather.”

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