Millennial Specialty Insurance

Millennial Specialty Insurance

Growing Confidently with Tech-enabled Underwriting

BackgroundMillennial Specialty Insurance is a dynamic player in the home insurance industry. As a tech-forward company, they have made significant strides in the last five years in catastrophe-exposed locations that have been traditionally underserved by national carriers.

ChallengeThe journey wasn't without its hurdles. Millennial Speciality started in the challenging market of Florida and soon realized the limitations of traditional risk models when expanding across the US. The standard models, suitable for Florida, fell short in accurately assessing the complexities of wildfire risks, such as in California. This gap in risk assessment posed a significant challenge, highlighting the need for an innovative solution.

ZestyAI's RoleSeeking a partner that could rapidly scale and match Millennial Specialty’s pace of innovation, they turned to ZestyAI. The partnership was a natural fit, given ZestyAI's expertise in providing climate risk models crucial for underwriting and rating. ZestyAI offered more than just technological solutions; they understood the unique business needs of Millennial Specialty, making them an ideal partner in tackling the intricate Californian market.

ImpactWith ZestyAI's advanced risk assessment tools, Millennial Specialty could differentiate exposure risks and structural susceptibility at a granular level. This not only allowed them to navigate the Californian market more effectively but also to insure homes in wildfire-prone areas that other companies might have avoided. This strategic partnership enabled Millennial Specialty to expand its reach and offer insurance solutions to a broader range of homeowners, standing out in terms of both technology and strategy in a competitive industry.

In Their Words...