Thu, Nov 21 2024
The personal lines insurer West Bend Insurance and ZestyAI, a pioneer in climate and property risk analytics, have increased their partnership.
Through this agreement, West Bend's personal lines insurance underwriting and renewal processes will be more accurate and efficient by utilizing ZestyAI's cutting-edge artificial intelligence platform, Z-PROPERTY.
ZestyAI specializes in using AI for insights related to property and climate risk. Their technology, Z-PROPERTY, analyzes a variety of data sources, such as construction permits and aerial and satellite photography, using machine learning and computer vision. Thanks to this technology, over 150 million homes may be continuously monitored and assessed, which helps insurers like West Bend adjust to changing risk profiles associated with upkeep and property conditions.
In a similar vein, West Bend Insurance uses this technology to improve the way it underwrites properties. Z-PROPERTY's incorporation into their procedures aids in operational simplification and facilitates quicker, better-informed decision-making. With the support of strong data analysis, the technology guarantees West Bend's ability to retain a high degree of precision in coverage decisions.
The advantages of this connection were emphasized by Jonathan Schulz, AVP Personal Lines at West Bend Insurance: "Our partnership with ZestyAI has significantly improved our ability to assess and manage residential property risks." We may obtain deeper insights into the properties we insure by utilizing Z-PROPERTY more frequently for our personal lines business. This will enable us to minimize risks more effectively and proactively.
ZestyAI's founder and CEO, Attila Toth, made the following statement on the platform's functionality: "It can be difficult to conduct a comprehensive assessment of a portfolio. Z-PROPERTY makes this process easier for carriers, allowing them to easily evaluate their whole book of business and identify the riskiest policies to guarantee appropriate risk mitigation. Every property in North America is covered by the platform, which is simple to use and doesn't require IT integration.
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