For property insurance businesses, risk assessment is a crucial aspect. But, the companies have not introduced any drastic change in the process of assessing risks. Companies still use Fire Hazard Severity Zone maps to determine the risks of fire. This outdated way often leads to failure. During the California wildfires, the industry confronted with massive loss. The property insurance industry has to leverage AI properly to assess risks. Deployment of AI in the insurance sector can dilute other risk factors, such as risk related to the agent or related to fraudulent activities.
The insurance companies have started to address this changing demand of the market and customers. In Australia, the Trov app enables the customer to send a picture of the product for insurance. The app uses the data of the customer and the product to choose an offer. This process is easy and transparent.
The property insurance industry is still in search of proper tools to facilitate the whole process of risk assessment. Zesty.ai, with the help of AI, leads this trillion dollar insurance industry to the path of better risk assessment. It makes the proper use of 115 billion data points to accurately understand the aspects of the property and the effect of the natural disaster on it.
Previously, a partnership between Hippo Insurance and Zesty.ai was announced. This collaboration enabled Hippo Insurance to leverage computer vision technology of Zesty.ai to its data-based underwriting process. This integration is important to provide the customers with real-time knowledge about their property.
Recently, Zesti.ai has won silver in Zurich Innovation World Championship. It developed an AI-based solution to enable the insurers to have detailed insight into a property through the use of satellite and drone imagery. Zurich will work with the two winners, Zesty.ai and Chisel AI. It will deploy the winners' innovative technology in North America. After successfully completing this experiment, Zurich will drag this partnership to other parts of the globe. In 2018, Zesti.ai closed the Series A funding of $13 million dollars. This capital was aimed to be used for the improvement of data science and engineering. The conventional ways have to be replaced for the betterment of the property insurance industry because, without the proper assessment of risk, the desired heights cannot be reached.