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From Costly Water Losses to Millions in Savings

Non-weather water claims are a leading cause of property insurance losses, costing insurers over $20 billion annually. 

Join us for a FREE live webinar where our experts will discuss the latest trends, challenges, and insights to help you mitigate non-weather water risk.

What We'll Cover

Our experts Rob Silva, ACAS (Director of Customer Success) & Sam Fetchero (Head of Marketing) will present:

• Current Trends: Understand the rise in severity and total loss costs of non-weather water claims.
• Risk Assessment Challenges: Learn why traditional methods fall short in assessing non-weather water vulnerability.
• Key Risk Factors: Identify the main drivers of non-weather water damage.
• Strategic Insights: Discover strategies to improve your management of non-weather water claims.
• Z-WATER in Action: Experience our new AI-powered model that predicts non-weather water risk with unparalleled accuracy.
• Interactive Q&A: Get your questions answered by our experts.

Who Should Attend

This webinar is ideal for Executives, Product Managers, Actuaries, Underwriters, and CAT Modelers committed to enhancing their understanding and management of non-weather water risks. 

Bonus Content

As a bonus, you'll receive our exclusive infographic, "Below the Surface: Research Reveals Knowledge Gap in Homeowner Water Loss Prevention and Coverage."

This research gives key insights into water loss experiences, coverage details, homeowner protection measures, and information on water shutoff devices and heater conditions.

Register Now

We're proud to announce that ZestyAI has been recognized by CNBC and Statista as one of the world's top 150 insurtech companies for 2024.

ZestyAI is the Decision Intelligence Platform for the insurance industry. Trusted by Property and Casualty carriers and regulators across the United States, we help insurers make better decisions faster and with greater confidence.

Our platform unifies property-level data, predictive AI models, and Agentic AI to transform how insurers see, price, and manage risk. Validated by climate science and historical loss data, ZestyAI's models cover major perils including wildfire, severe convective storm, and non-weather water.

From improving pricing accuracy to strengthening reinsurance outcomes, we deliver precision and performance across underwriting, rating, reinsurance, and regulatory workflows.

Attila Toth, Founder and CEO of ZestyAI, said:

"We've built ZestyAI with long-term discipline and a clear mission: to help insurers navigate changing risks with confidence. This recognition validates our unwavering commitment to delivering trusted AI to every insurance decision—empowering the industry to operate with speed, accuracy, and resilience while fostering stronger communities and healthier insurance markets."

As the industry faces evolving climate risks and rising severe weather events, ZestyAI continues to partner with leading carriers nationwide, helping them make more informed decisions that benefit both insurers and policyholders.

We invite you to explore CNBC’s full list of the top 150 insurtech companies here.

San Francisco, CA, August 6, 2024 – Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by artificial intelligence (AI), unveiled its newest solution to address one of the leading drivers of insurance losses - interior water. Z-WATER is an AI-powered model that predicts the frequency and severity of non-weather water and freeze claims for every property in the country.

“The landscape of non-weather water claims is shifting, with a concerning trend towards increased claim severity,” said Kumar Dhuvur, Co-Founder and Chief Product Officer of ZestyAI. “The rising cost of building materials and labor has inflated claim payouts. Additionally, the interconnected nature of our homes, with open floor plans, finished basements, and high-value electronics, means water damage can have a significantly higher price tag.”

“The landscape of non-weather water claims is shifting, with a concerning trend towards increased claim severity,”

Non-weather water claims rank as the third-leading cause of insurance losses nationwide, underscoring the industry's critical need for a comprehensive predictive model. Until now, the industry has not had a property-specific model, leaving insurers grappling with the challenge of accurately assessing and mitigating the risk of non-weather water damage on a property-by-property basis.

Z-WATER goes beyond traditional models by incorporating the property-specific construction and architectural details that impact the total loss cost of non-weather water and freeze, along with the local infrastructure and water distribution network, for a holistic assessment of risk.

ZestyAI’s AI-powered model uses the interaction of these factors to deliver the best understanding of risk at the property level, helping the insurance industry:

• Set Fair and Adequate Rates: accurately tailor premiums to risk
• Take Action to Reduce Risk: align coverage and work with homeowners at high-risk properties to mitigate risk, such as installing water sensors
• Improve Operations: quickly process low-risk properties, and prioritize on-site inspections for those that warrant a closer look

Z-WATER is trained, tested, and validated on the largest catalog of actual insurance loss data sourced from across the country from multiple carriers. Z-WATER delivers the most accurate results of all interior water models, giving unparalleled insight into the risk of loss and an unprecedented level of granularity.

Z-WATER delivers the most accurate results of all interior water models, giving unparalleled insight into the risk of loss and an unprecedented level of granularity.

ZestyAI’s Z-WATER solution is the latest addition to a complete suite of ZestyAI products designed to evaluate property risk. These products focus on the highest catastrophe and non-catastrophe risks for properties in the United States. ZestyAI also delivers peril-specific models assessing the property-level risk for wildfire, hail, wind, and severe convective storms.

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:

media@zesty.ai

1-650-999-9900

In the evolving field of AI property analytics, one persistent challenge stands out: the incomplete coverage of properties, often referred to as the hit rate. Many existing solutions provide valuable insights for a significant portion of a portfolio, but a crucial question remains: what about the properties that aren't covered?

At ZestyAI, we recognized this issue early in our development and committed to addressing it through innovative solutions. Our goal is to offer a near-perfect hit rate, using the most recent and high-resolution imagery available. This ensures insights for all of your properties, not just a select few. Let's explore the technical strategies that drive ZestyAI's success and how they translate into tangible benefits for our clients.

A Multi-Pronged Approach

Traditional AI property analytics solutions often fall short due to limitations in imagery availability. ZestyAI, however, has taken a different approach. Rather than relying on our own imagery capture through planes, satellites, drones, or balloons, we have strategically partnered with nearly all major imagery providers to guarantee the broadest possible coverage.

This approach, while effective, comes with its own set of technical challenges. Imagery providers deliver data at varying resolutions, requiring significant engineering and data science efforts to integrate these inputs.  Our team has meticulously trained our models to account for these discrepancies, ensuring consistent and accurate analysis regardless of the image source. All models are validated for precision and recall against human-labeled imagery.

To demonstrate our effectiveness, we recently conducted portfolio checks for a diverse range of companies. This included a top national carrier, a super-regional carrier operating on both the US East and West Coasts, and a regional provider focused primarily on Florida. The results were impressive: we achieved a perfect 100% hit rate for both the national and super-regional carriers and an outstanding 96% coverage for the regional carrier in Florida. These real-world examples showcase the power of ZestyAI's approach in delivering near-complete portfolio coverage, regardless of geographic location or size.

The Best Property Analysis Starts With the Best Data

Our commitment to data quality goes beyond merely locating properties. At ZestyAI, we understand the importance of using high-fidelity imagery for the most accurate insights. Our multi-provider strategy allows us to cherry-pick the best possible image for each property.

This translates into two key benefits. First, by integrating with most imagery providers, we access a vast pool of imagery, enabling us to select the most recent capture. Outdated imagery can significantly affect the accuracy of property analysis, and ZestyAI ensures you always work with the latest data. Second, we can select the image with the highest fidelity. For example, if the initial image contains heavy shadows due to overhanging vegetation, our system can identify an alternative image from a different provider that offers a clearer, unobstructed view of the property. This meticulous selection process ensures you receive the most accurate and insightful property evaluations possible.

Our effectiveness was further underscored during a recent coverage check for a super-regional carrier. We specifically focused on properties their existing provider could not locate. ZestyAI not only successfully identified 100% of these properties but also delivered higher-resolution images for the rest of the portfolio where the incumbent provider had coverage.

Moreover, the aerial imagery we provided boasted an impressive average capture date within the last 111 days. This recency was consistent even when examining individual states within the carrier's coverage area, with properties in California averaging 101 days, Ohio 88 days, and New Jersey 126 days. These figures highlight ZestyAI's ability to deliver comprehensive coverage and consistently recent, high-quality imagery, ensuring our customers have access to the most up-to-date property insights.

Accuracy: The Backbone of High Coverage

Achieving near-complete portfolio coverage is a significant feat, but it is only half the story. At ZestyAI, we understand that true value lies in the accuracy of the data and insights we provide. Extensive coverage without reliable results is ultimately meaningless. Therefore, we prioritize the accuracy of our Z-PROPERTY models, ensuring they deliver a true picture of each property's condition.

To validate our models' effectiveness, we conducted a rigorous comparison between ZestyAI's property analytics, specifically roof quality assessment, and traditional on-site physical inspections. The results were highly encouraging. Our Z-PROPERTY models matched the findings of physical inspections 95% of the time, achieving a perfect 100% agreement rate when identifying properties with poor roof conditions. This level of accuracy empowers insurance carriers with immense confidence when deploying ZestyAI at scale.

Traditional reliance on physical inspections presents a significant limitation due to resource constraints. Inspecting every property within a vast portfolio is simply not feasible. ZestyAI's AI-powered analytics bridge this gap, allowing carriers to achieve comprehensive coverage while maintaining exceptional accuracy. This frees up valuable inspection resources, enabling carriers to strategically focus their on-site inspections on properties identified by ZestyAI as high-risk or requiring further investigation. By leveraging ZestyAI's insights, insurance carriers can optimize their inspection workflows, ensuring resources are directed where they can have the greatest impact.

Unlocking the Power of Comprehensive and Accurate Property Analytics

Equipping yourself with the right tools is crucial for making informed decisions in the insurance landscape. At ZestyAI, we believe our comprehensive coverage and industry-leading accuracy can significantly enhance your property analytics capabilities.

Get Your Free Coverage Check Today

To see how ZestyAI can address any coverage or accuracy gaps you might be experiencing with your current provider, we invite you to take advantage of our free coverage check. Simply provide a list of the addresses where you lack coverage, and ZestyAI will leverage our extensive imagery catalog to see if we can help.

Contact us to learn more and unlock the full potential of AI-powered property analytics. Let ZestyAI empower you to make smarter decisions, optimize your workflows, and achieve a new level of efficiency.

Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), and Amica Mutual Insurance, a leader in auto, home, and life insurance, announced they will be expanding their long-standing partnership.

Amica will now leverage ZestyAI’s full property and climate risk analytics platform. This 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 ZestyAI’s property risk solution, Z-PROPERTY™. 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.

Amica will now leverage ZestyAI’s full property and climate risk analytics platform.

As natural catastrophic events, like severe convective storms and wildfires, become increasingly frequent and severe, insurers need to find better ways to accurately predict and proactively address the growing threat of climate risk. ZestyAI provides accurate, property-specific data to help insurers determine the true risk for each property. The models examine the interaction of climatology, geography, and the unique characteristics of every structure and roof, analyzed in 3D, including accumulated damage from historical storms. The models are rooted in decades of science and experimentation by researchers, including the Insurance Institute for Business & Home Safety (IBHS), and are trained on huge amounts of loss data, making them the most accurate solutions on the market.

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 and portfolio optimization and can more accurately align policies with coverage needs.

Amica, one of the first insurers to incorporate roof condition into their ratings, is demonstrating industry leadership once again. They are now adopting peril-specific risk models for even more accurate risk assessment, and will continue to rely on roof quality assessment using ZestyAI’s Z-PROPERTY solution in their underwriting processes.

“One of the most meaningful ways we protect our customers and their homes is to work with them to understand and mitigate risk,” said Rebecca L. Stolte, Assistant Vice President at Amica. “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.”

“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.”

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

ZestyAI’s models are built and validated on real claims data, generating the highest lift in the industry. They are highly transparent, providing the top factors contributing to each risk score. Additionally, ZestyAI models allow carriers to adjust inputs based on customer mitigation actions, leading to dynamic risk score updates. This fosters a collaborative approach where both carriers and policyholders can work together to manage risk effectively.

By leveraging multiple products on the ZestyAI Climate and Property Risk platform, Amica will gain a better understanding of risk for each individual property and be able to make informed and transparent risk decisions to continue to deliver world-class services to its valued customers.

Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), is announcing it has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm products. ZestyAI’s Z-HAIL™, Z-WIND™, Z-STORM™and Z-PROPERTY™ Roof Quality products now join ZestyAI’s predictive wildfire risk analytics product, Z-FIRE™, as some of the first AI-powered property-based risk models to be approved in the state.

Texas receives the highest number of annual hail claims of any US state, with over 1,100 hail events in 2023 alone. The high incidence of severe storms is why ZestyAI chose Texas as one of the first states to directly file its Severe Convective Storm product suite as a licensed Advisory Organization. ZestyAI’s suite of storm products have already received approvals from the Colorado Division of Insurance and Illinois Department of Insurance earlier this year, with approvals from other states in the hail belt expected in the coming months. Leading insurers have already licensed the models to enhance underwriting, optimize their portfolios, and more accurately align premiums with Severe Convective Storm risk.   

Texas receives the highest number of annual hail claims of any US state, with over 1,100 hail events in 2023 alone. The high incidence of severe storms is why ZestyAI chose Texas as one of the first states to directly file its Severe Convective Storm product suite.

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. The models are rooted in decades of science and experimentation by researchers, including the Insurance Institute for Business & Home Safety (IBHS), and are trained on huge amounts of loss data, making them the most accurate solutions on the market.

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. Carriers can also leverage this approval to adopt ZestyAI’s Roof Quality product, which was comprehensively reviewed and approved by the Department as part of this filing.

ZestyAI’s models are built and validated on large amounts of real claims data and generate the highest lift in the insurance industry. Additionally, the models are highly transparent, providing the top factors contributing to each risk score. The models also allow an insurance underwriter or agent to modify the risk inputs in real-time and provide specific feedback to home and business owners on impact of risk mitigation actions.

"This approval gives our carrier partners a significant edge," said Bryan Rehor, Director of Regulatory Affairs at ZestyAI. "Since our models have already been successfully reviewed, subsequent filings will be expedited, leading to faster approvals. This reduces the time and resources our partners need for their own approvals and ultimately increases the availability of high-quality insurance for property owners in Texas."

"This reduces the time and resources our partners need for their own approvals and ultimately increases the availability of high-quality insurance for property owners in Texas."

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.