Z-WATER™ expands the suite of ZestyAI property
risk assessment products and is the first risk model targeting the
inside of the home
SAN
FRANCISCO, Aug. 6, 2024 /PRNewswire/ - 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."
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.
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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SOURCE ZestyAI