OAKLAND, CALIF., October 19, 2021: ZestyAI, the leader in property risk analytics powered by Artificial Intelligence (AI), today announced that as of Q3 2021 it has tripled its Contracted Annual Recurring Revenues and achieved more than 100% growth in number of customers year-over-year (YOY). The company’s rapid growth is fueled by the sweeping digital transformation of the $2.5 trillion global Property & Casualty (P&C) industry in light of COVID-19, which has driven high demand for its AI-enabled property insights, combined with increasingly frequent natural disasters, such as wildfires, floods and hurricanes negatively impacting industry loss ratios. Leading P&C insurance carriers currently use ZestyAI’s products in all 50 states of the US to assess catastrophe risk to each and every property. Furthermore, the recent approval of the ZestyAI’s proprietary climate risk models by insurance regulators in five states, including the company’s wildfire risk product, Z-FIRE™, by the Department of Insurance of California, drove record bookings.
ZestyAI’s Growth by the Numbers:
- Increased the number of customers using ZestyAI’s property risk analytics products by more than 100% from Q3 2020 to Q3 2021
- Leading carriers, including Amica Mutual Insurance, Berkshire Hathaway Homestate Companies, the California FAIR Plan, The Cincinnati Insurance Companies, and Farmers Insurance, among others, have announced long-term partnerships with ZestyAI this year
- Delivered ~3X growth in Contracted Annual Recurring Revenues in Q3 2021 vs. Q3 2020
Increased volume of queries on the platform by 260% in Q3 2021 vs. Q3 2020
- Expected to more than double the size of the company over the next 12 months
“Easy access to AI-driven property intelligence is key to helping carriers effectively analyze and manage risk at scale, while simultaneously providing more transparency and a better experience for home and business owners,” said Attila Toth, Founder & CEO of ZestyAI. “High demand for cutting-edge property insights in a post-pandemic world where physical inspections have become difficult and climate risk models in face of increased catastrophe losses have driven our rapid growth. Today, we already help our customers insure about $3 trillion in real assets and will continue to grow that number for the foreseeable future.”
ZestyAI’s products have helped carriers expand across new geographic markets, new business lines and delivered constant value through increased market share, risk-adjusted premiums and lower combined ratios. As a leading technology partner for many top insurers, the company ensures that its customers receive 10X return on their investment.
For more information on ZestyAI and its products please visit www.zesty.ai.
ZestyAI offers access to precise intelligence about every property in North America for insurance and real estate customers. The company uses aerial imagery, permit, transaction, weather and IoT data, combined with artificial intelligence (AI) to turn more than 200 billion data points into comprehensive digital records and property-specific risk scores. ZestyAI provides a constantly updated database of real estate information that impacts a property’s value and associated risks including the potential impact of catastrophic events like wildfires, hail storms, and floods. In an increasingly digital world, ZestyAI brings properties into a new digital age that enables real time transactions and powerful predictive analytics. Visit https://zesty.ai for more information.