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ZestyAI Storm Suite Approved by the Colorado Division of Insurance

ZestyAI’s Severe Convective Storm suite, Z-HAIL™, Z-WIND™ and Z-STORM™, Now State-Approved for Best-in-Class AI-Powered Property Risk Assessment

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ZestyAI Storm Suite Approved by the Colorado Division of Insurance

San Francisco, CA, May 28, 2024 – Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), is announcing it has received approval from the Colorado Division of Insurance for its complete suite of Severe Convective Storm products. This is the second approval ZestyAI has secured in Colorado, with ZestyAI’s predictive wildfire risk analytics product, Z-FIRE™ securing approval in 2023. 

Colorado presents a unique challenge for insurers due to its exposure to both severe storms and wildfires. With eight of the last eleven years resulting in losses for homeowners insurance carriers in the state, ZestyAI’s latest approval is particularly timely.

ZestyAI’s suite of storm products are AI-powered climate risk models that predict the frequency and severity of severe storm claims for every property in the US. The products examine the interaction of climatology, geography, and the unique characteristics of every structure and roof, analyzed in 3D, including accumulated damage from historical storms. 

With ZestyAI models, carriers are able to move from territory-based segmentation to a property-by-property risk assessment. They also benefit from enhanced underwriting, improved product fit, capturing low-risk market share, and portfolio optimization. 


ZestyAI’s models are built and validated on real claims data and generate the highest lift in the insurance industry. Additionally, the models are highly transparent, providing the top three factors contributing to each risk score. The models also allow an insurance carrier to modify the risk inputs on demand. 

"Having our risk analytics models approved by regulators provides a competitive edge for carriers," said Bryan Rehor, Director of Regulatory Affairs at ZestyAI. "Subsequent filings will be streamlined, with faster approval timelines. That translates to significant time and resource savings for carriers, and ultimately, leads to better availability of high-quality insurance for Colorado residents.”

Subsequent filings will be streamlined, with faster approval timelines. That translates to significant time and resource savings for carriers...

ZestyAI has long recognized the importance of regulatory approvals in the ethical and transparent implementation of AI in insurance. It is committed to understanding and complying with regulatory policy, while also influencing how the industry navigates the ethical use of AI in insurance. 

As leaders in securing approvals for AI-powered risk models, ZestyAI collaborates closely with numerous regulatory bodies, consistently achieving successful outcomes. ZestyAI actively shapes regulations through various strategies, including regular model audits, bias testing, scientific data selection, and continuous engagement with regulators. This proactive approach makes ZestyAI the go-to risk analytics partner for leading insurance carriers across the nation.


More information on the insurance industry’s dynamic regulatory environment, and AI regulatory compliance can be found in ZestyAI’s interactive guide: When Innovation & Regulation Meet.


About ZestyAI

ZestyAI is the leading property and climate risk platform for Property and Casualty insurers in North America. The company has revolutionized the world’s understanding of property and climate perils by combining artificial intelligence with historical losses and cutting-edge data sources. Leading insurers trust ZestyAI’s platform to identify risk and assess exposure, including the impact of catastrophic events like wildfires, hail, and wind storms. ZestyAI helps insurers make more informed underwriting decisions, rate fairly and accurately, enhance reinsurance outcomes, and improve customer experience through actionable risk insights that both property owners and regulators trust. 

For more information on how ZestyAI is revolutionizing risk management, visit www.zesty.ai.  

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For more information, contact:

Linsey Flannery, Director of Communications, ZestyAI

linsey@zesty.ai

416-939-9773

 

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