SAN FRANCISCO, June 23, 2022 – ZestyAI, the leading provider of property risk analytics powered by Artificial Intelligence (AI), today announced it has been selected as winner of the “Best Predictive Analytics Platform” award in the fifth annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market. This is the second time that AI Breakthrough has honored the company. In 2020, ZestyAI was named "Best AI Startup”.
ZestyAI uses cutting-edge technologies like computer vision and AI to deliver comprehensive digital records of every property in North America that account for the property-level factors that influence their risk and value. It considers a wide range of climate risks, including wildfires, wind and hail storms, floods and other catastrophic events, to help insurance carriers and real estate companies understand every potential threat to a property as well as how that threat could impact its value over time. ZestyAI constantly updates its platform to ensure its partners have a real-time view of every property and its associated risks.
The company has seen particularly strong adoption of its AI-powered wildfire risk model, Z-FIRE™, which has quickly become the leader in property-specific wildfire risk assessment. Using artificial intelligence that has been trained on more than 1,500 wildfire events across more than 20 years of historical loss data, it considers property-level features that influence risk, such as topography, historical climate data and critical factors extracted from high-resolution imagery, such as building materials and surrounding vegetation. Z-FIRE™ not only provides regional and property-specific risk scores but also an explanation of the specific risk factors affecting the property that can be communicated to homeowners so they can take action to lower their property’s risk.
“Managing climate risk has become increasingly difficult for both insurance and real estate companies, which is why industry leaders are looking for more robust property risk analytics and embracing modern AI-based solutions,” said Attila Toth, Founder and CEO of ZestyAI. “Our next-generation predictive analytics platform offers the property-level insights that insurers need to inform underwriting and rating decisions, and that real estate professionals need to truly understand a property’s value today as well as how climate risk might impact that value over time. These risk models also allow insurers to expand coverage in areas that traditional models had deemed as too high risk and enable agents to have data-driven dialogues with homeowners to empower them with the insights they need to better protect their property.”
The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories. For this year’s award, ZestyAI stood out among more than 2,950 nominations from over 18 different countries throughout the world.
“ZestyAI’s property risk analytics platform provides instant access to deep insights that help anyone with a stake in the $326 trillion real estate market understand climate risk at the individual property level,” said James Johnson, managing director, AI Breakthrough. “Its platform provides immediate value to real estate companies and insurers, and the implementation of products from the platform like Z-FIRE™ are one of the most impactful single changes that the insurance industry has made in decades. The transparency and accuracy of Z-FIRE™ are key reasons why it is the only AI-powered wildfire risk model to obtain regulatory approval of its use by insurers for both underwriting and rating. For those reasons, ZestyAI was our choice for Best Predictive Analytics Platform.”
With its products in market with multiple partners across 50 states in the U.S. including AON, Farmers Insurance, Berkshire Hathaway, the California FAIR Plan, The Cincinnati Insurance Companies, Amica, and more - ZestyAI is creating opportunities for insurers to accurately assess risk while opening a constructive dialog with their customers about mitigation options for their property’s climate risk.
For more information on ZestyAI and its AI-powered property risk analytics platform please visit www.zesty.ai.
ZestyAI offers insurers and real estate companies access to precise intelligence about every property in North America. The company uses AI, including computer vision, to build a digital twin for every building in North America, encompassing 200B property insights accounting for all details that could impact a property’s value and associated risks, including the potential impact of natural disasters. Visit https://zesty.ai for more information.
About AI Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AI Breakthrough Awards program is devoted to honoring excellence in Artificial Intelligence technologies, services, companies and products. The AI Breakthrough Awards provide public recognition for the achievements of AI companies and products in categories including AI Platforms, Robotics, Business Intelligence, AI Hardware, NLP, Vision, Biometrics and more. For more information visit AIBreakthroughAwards.com.