SAN FRANCISCO, Calif. — ZestyAI, a San Francisco-based provider of climate and property risk analytics solutions powered by artificial intelligence (AI), announced on Tuesday that it has expanded its partnership with West Bend Insurance Company to improve the underwriting and renewal processes.
According to a news release, West Bend Insurance Company (WBIC) will build on its collaboration with ZestyAI and now use its property risk analytics platform, Z-PROPERTY, to enhance the precision of WBIC’s underwriting and renewal processes for personal lines insurance.
“Our partnership with ZestyAI has significantly improved our ability to assess and manage residential property risks,” WBIC AVP Personal Lines Jonathan Schulz said in the release. “By expanding our use of Z-PROPERTY for our personal lines business, we can gain deeper insights into the properties we insure, allowing us to mitigate risks more proactively and efficiently.”
By continuously monitoring property conditions, maintenance and upgrades, WBIC will use ZPROPERTY to proactively manage risks to ensure accurate coverage for policy holders, according to the release.
“As properties age and undergo changes, their risk profiles evolve. Factors such as roof condition, debris accumulation, and overgrown vegetation can significantly impact the risk associated with a property,” the release said. “ZestyAI‘s Z-PROPERTY platform uses computer vision and machine learning to analyze aerial and satellite imagery, building permits, and other unique data sources for over 150 million residential and commercial properties.”
By leveraging verified data from sources, such as historical imagery and building permits, Z-PROPERTY allows WBIC to use advanced analytics to streamline the underwriting process. “Conducting a thorough review of a portfolio can be a daunting task,” ZestyAi Founder and CEO Attila Toth said in the release. “Z-PROPERTY simplifies this process, enabling carriers to assess their entire book of business seamlessly, pinpointing the riskiest policies to ensure proper risk mitigation. The platform is easy to deploy, requiring no IT integration, and covers every property in North America.”
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.