Commercial insurer NEXT Insurance has collaborated with property and climate risk platform ZestyAI for its AI-driven Z-PROPERTY and Z-FIRE models.
Through the move, NEXT Insurance aims to improve its underwriting processes by leveraging property-level risk insights.
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Z-PROPERTY utilises aerial imagery combined with AI-powered analytics to evaluate factors such as roof condition, structural risks and environmental hazards.
This technology enables insurers to make more informed decisions during the underwriting process.
ZestyAI claims that its Z-FIRE model offers accurate wildfire risk analysis by leveraging data from more than 2,000 historical wildfires, satellite imagery and topographic information.
Earlier this month, ZestyAI announced that Z-FIRE is filing-ready in California. The model can be used for rate segmentation and underwriting and can be filed without the need for additional review under the pre-application required information determination process.
NEXT Insurance head of AI underwriting Lance Poole said: “ZestyAI’s peril-based risk models stood out for their ability to provide precise, actionable insights at scale, perfectly complementing our mission to help entrepreneurs thrive.
“By streamlining workflows and enhancing decision-making, we are able to create innovative, tailored insurance solutions that meet the unique needs of small business owners, all while staying true to our commitment to simplicity and excellence.”
ZestyAI CEO Attila Toth said: “NEXT Insurance is redefining small business insurance with a fully digital experience, and we are proud to support that vision by providing precise, property-specific risk insights.
“With Z-PROPERTY and Z-FIRE, NEXT can enhance underwriting efficiency, optimise risk selection, and ultimately deliver smarter, more tailored coverage to small business owners across the country.”
Last week, Safepoint Holdings partnered with ZestyAI, aiming to assess large property portfolios with more precision.
