HomeBusiness InsuranceCoterie Insurance partnership with ZestyAI

Coterie Insurance partnership with ZestyAI

ZestyAI, an insurtech company providing AI-powered climate and property risk analytics, has announced an agreement with Coterie Insurance, a managing general agent focused on instant quotes and coverage for small businesses.

Coterie will be using ZestyAI’s property risk analytics platform, Z-Property, to provide risk insights for business insurance underwriting across the U.S., according to a press release from ZestyAI.

Headshot of Coterie Insurance chief data officer Paul Bessire

“Coterie is committed to maintaining a low loss ratio and ZestyAI enables us to reduce time spent underwriting, auditing and pricing while lowering our expense ratio,” said Paul Bessire, chief data officer at Coterie Insurance. “Their focus on AI and innovation without losing track of regulatory support, in addition to the breadth, power and speed of delivering detailed property data, make them a dream partner for us.”

Coterie Insurance seeks to use ZestyAI’s precision scoring on factors such as roof condition and complexity, debris, and vegetation overhang to inform its underwriting decisions. 

ZestyAI has also partnered with major insurance carriers such as CSAA and Farmers Insurance to provide AI-powered data and analysis to underwriters in the face of increased climate risk.

“Insurance is a tough industry to be in these days,” said Atilla Toth, CEO of ZestyAI. “Inflation, increasing catastrophe losses, pressure on premiums, increasing regulatory complexity… you name it. There are so many factors to consider, and not having the right data insights can cost insurers not only a pretty penny but the trust of their customers.”

Headshot of ZestyAI CEO Attila Toth

This agreement seeks to solve that potential problem for Coterie Insurance as it expands into the commercial property insurance industry.

“We’re thrilled to be supporting their goal of redefining the commercial insurance experience for agents and brokers, partners, and policyholders,” Toth said. 

ZestyAI’s Z-Property platform integrated into Coterie’s existing systems in less than a week, the companies said.

Source link

latest articles

explore more