Amica Mutual Insurance is broadening its collaboration with ZestyAI, an AI-driven climate and property risk analytics provider.
The insurer, which offers home, life and automotive insurance, will incorporate ZestyAI’s property and climate risk analytics platform, including the AI-powered models Z-HAIL and Z-WIND, alongside the property risk solution Z-PROPERTY.
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This move aims to improve the accuracy of property risk assessments in the face of escalating climate risks.
Under the partnership, Amica will integrate the predictive analytics models into a unified AI platform, complementing its existing wildfire risk assessment tool, Z-FIRE, and regulatory compliance solutions such as CA Compliance Prefill.
As climate-related disasters such as severe storms and wildfires grow in frequency and intensity, insurers are under pressure to enhance their predictive capabilities and proactively manage the increasing threat of climate risk.
ZestyAI offers property-specific data that enables insurers to assess the true risk of each property.
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By GlobalDataThe models consider the interplay of climatology, geography, and the distinct characteristics of each structure and roof in 3D, factoring in historical storm damage.
Developed with input from the Insurance Institute for Business & Home Safety (IBHS) and trained on extensive loss data, these models are said to offer precise insights.
Utilising ZestyAI models, carriers can transition from broad territory-based segmentation to detailed, property-by-property risk assessment.
This facilitates improved underwriting, portfolio optimisation and the alignment of policies with coverage needs, noted the technology vendor.
Amica assistant vice-president Rebecca Stolte said: “One of the most meaningful ways we protect our customers and their homes is to work with them to understand and mitigate risk. We have had a very positive experience effectively utilising ZestyAI’s technology in wildfire-prone states.
“Adding property insights and climate models for hail and wind will give us a comprehensive view of risk, allowing us to better serve our customers.”
Amica first partnered with ZestyAI in August 2021 to integrate the Z-FIRE predictive wildfire risk analytics solution into its homeowners product line.
