California approves new AI model for wildfires piloted by Zesty.ai and Aon

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Organizations strengthened their long-term commitment to empowering P&C insurers with AI data and models with extended collaboration

Chicago, Illinois and Oakland, CA –News Direct– Zesty.ai

Today Zesty.ai, a leading tech company using artificial intelligence (AI) to assess climate and non-catastrophic risks at the individual property level, announced it has expanded its strategic alliance with Aon plc (NYSE: AON), a leading global professional services company offering a broad range of risk, retirement and healthcare solutions to better serve clients through data models and artificial intelligence (AI) . This follows the historic California Department of Insurance (CDI) approval of two underwriting and rating dossiers that include Z-FIRE ™, Zesty.ai’s AI-based predictive model for risk assessment forest fire. This is the first repository based on an AI model ever approved by CDI.

Recent filings that used the model, which was independently reviewed and evaluated by Aon’s disaster risk experts, illustrate that next-generation artificial intelligence models are successfully approved by a regulator. Z-FIRE ™ improves risk selection and insurer rate setting, while understanding the impact of climate change on forest fires and, therefore, their portfolios. Likewise, consumers benefit from transparency in seeing how renovating and maintaining their properties can impact their Zesty.ai Forest Fire score and ultimately improve their overall experience. ‘insurance.

Initially forming their strategic alliance in 2019, the expanded relationship between Zesty.ai and Aon focuses on the accelerated deployment of AI and machine learning (ML) applications that help P&C insurance companies bridge the gap in real estate data they face today. The goal is to improve the selection and risk rating of insurers for personal and commercial lines of business, while helping to obtain the full value of these data-driven decisions in their reinsurance transactions. Aon and Zesty.ai have also broadened their collaboration to develop AI models for additional hazards, such as severe convection storms (eg, hail) and flooding.

Attila Toth, Founder and CEO of Zesty.ai said, “A thorough understanding of each property is key to a fair and stable insurance market. As the need to better measure climate risk increases, we are constantly refining and developing new models and working with Aon dramatically accelerates the adoption of these data-driven solutions. We are proud to double our alliance with Aon to help carriers across North America improve every aspect of the underwriting, pricing and reinsurance process.

“We are committed to helping clients take advantage of emerging technologies to advance their strategic initiatives, ranging from increasing the availability of insurance to meet the needs of underserved people to the possibility of better segmentation of risks, which ultimately translates into greater transparency of reinsurance treaties, ”said George deMenocal, CEO of Aon’s US Reinsurance Solutions. “Our collaboration with Zesty.ai is part of Aon’s technological evolution to deliver new products that meet the needs of customers today and tomorrow, in a transparent and efficient manner. The recent endorsement of Zesty.ai’s model by CDI further validates the future potential of AI-based predictive analytics and the power of these collaborations.

For more information on Zesty.ai, visit www.zesty.ai, and for more information on Aon visit www.aon.com.

About Zesty.ai

Increasingly frequent natural disasters have affected communities and caused $ 2.2 trillion in economic losses over the past decade. Zesty.ai uses 200 billion data points, including aerial imagery and artificial intelligence to assess the impact of climate change, one building at a time. Zesty.ai has partnered with leading insurance companies and property owners to help them protect homes, businesses and support thriving communities. Zesty.ai was named Top 100 Most Innovative AI Companies in the World by CB Insights in 2021 and 20210, and Gartner Cool Vendor in Insurance by Gartner Research in 2019.

Media contact

Abby schiller

216-870-1835

[email protected]

About Aon

Aon plc (NYSE: AON) is a leading global professional services company providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower clients to drive results using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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Media contact

Andrew Wragg

[email protected]

+44 (0) 7595 217168

Contact details

Zesty.ai

Abby schiller

+1 216-870-1835

[email protected]

Aon

Andrew Wragg

+447595217168

[email protected]

See the source version on newsdirect.com: https://newsdirect.com/news/california-approves-new-ai-model-for-wildfire-driven-by-zesty-ai-and-aon-627685427





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