Aon and Zesty.ai Partner to Enhance Property Underwriting with AI Data
In Action Summary
Aon and Zesty.ai together have entered into a strategic alliance to leverage artificial intelligence to upgrade Aon’s underwriting capabilities.
According to Aon, Zesty.ai’s technology will provide access to more than 130 billion data points on a given property and its surrounding environments which will help in granular risk analysis and pricing. AI helps in analysing satellite and aerial images without having to set foot on the premises. The broker’s distributed network enables insurers to evaluate their risks with the help of Zesty.ai’s wildfire risk model.
Zesty.ai leverages AI to help the trillion-dollar global property insurance industry better assess risk.
About the WildFire Model: Z-FIRE
This model allows insurers to understand nuanced risks associated with wildfire and underwrite them to offer improved pricing for risks involved. Zesty.ai’s new wildfire offering (Z-FIRETM) addresses this by combining geographic and meteorological data property details – including vegetation, building materials, topography and historical weather– with actual loss data. These factors are then itemized to the individual property level to create a predictive risk score, which provides a critical tool to evaluate risk.
The model will be used along with Aon’s U.S. wildfire catastrophe model from Impact Forecasting for reinsurance purchase and exposure management.
Zesty.ai’s Property Risk Analytics Platform
The analytics underpinning Zest.ai can assess property characteristics. from Zesty.ai’s 130 billion data points on U.S. properties which are designed to integrate into an insurer or brokers existing underwriting systems.
Adds to Customer experience
The collection process enhances the current status quo by removing the need for research from the policyholder. Finally, the process equates provides a clear understanding of the insured portfolio while simultaneously decreasing loss ratios due to high fidelity data and expense ratios due to fewer physical inspections.
“Instant insights on risk are becoming an increasingly important element for insurers as they modernize their underwriting platforms..This technology evolution, coupled with new partnerships, brings opportunities for Aon to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way.”, said George deMenocal, president and U.S. CEO of Aon’s Reinsurance Solutions business.