ZestyAI, a provider of AI-powered climate and property risk intelligence, has recently been named one of the top 50 insurtech companies, and a leader in climate and property risk analytics solutions, by CB Insights.
CB Insights' research team selected 50 leading players from an array of more than 2,000 companies. Factors taken into consideration during the selection process included R&D activity, Mosaic scores, business relationships, Yardstiq transcripts, investor profiles, news sentiment analysis, competitive landscape, and team strength. Tech novelty and market potential were also key criteria.
“Climate risk is reaching new levels of urgency. Globally, insured losses of more than $100 billion per year from natural catastrophes has become a given,” said Attila Toth, founder and CEO of ZestyAI. “AI has a very big role to play as the insurance industry evolves and adapts to climate risk. ZestyAI is delivering at least ten times return on investment for our insurance carrier partners in North America."
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In recent years, the property and casualty insurance industry has been grappling with the consequences of increasingly frequent and severe extreme weather events. Traditional risk models, often several decades old, have failed to accurately forecast risks, leaving insurers and property owners exposed, ZestyAI said. Recognizing this critical issue, insurers are increasingly turning to AI as an indispensable tool for risk assessment and mitigation.
ZestyAI employs unique data sources, such as aerial imagery, to provide precise modeling that reveals the vulnerability of properties to potential damage. Through analyzing specific attributes such as roof complexity, quality, and building materials, ZestyAI delivers comprehensive, data-driven insights that enable clients to navigate climate and property risks more effectively.
ZestyAI models also offer transparency in risk mitigation and pricing, the company said. Carriers can share the results of risk models with their customers, educating them on risk drivers and actionable steps to lower their property's risk exposure.
Earlier this year, the company added severe convective storms to the list of perils analyzed by its platform.
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