Insuranceciooutlook

Aon, Zesty.ai Join Forces to Enhance Property Underwriting With AI

By Insurance CIO Outlook | Friday, April 05, 2019

Aon has partnered with US insurance technology provider Zesty.ai to bring some added power to property underwriting utilizing the latter's artificial intelligence technology. Zesty.ai will offer access to over 130 billion data points on properties that are tailored to painlessly integrate into existing systems and models and enable risk analysis and pricing. The data is obtained via artificial intelligence on frequently updated satellite and aerial imagery and other data sources, removing the need of being physically present at the premises.

According to Aon, utilizing this distribution network insurer can assess their risk portfolio through Zesty.ai’s new wildfire model (Z-FIRETM). It uses machine learning to merge property details – including vegetation, building materials, topography, weather patterns among others – with actual loss data. Insurers can leverage Zesty.ai’s Property Risk Analytics Platform to more accurately capture individual property characteristics. Ultimately, the process equals to a clearer understanding of the insured portfolio while at the same time decreasing loss ratios due to high fidelity data and expense ratios due to fewer physical inspections.

The President and US CEO of Aon, George deMenocal explained, "Immediate access to new, useable and meaningful data insights is continuing to advance insurance underwriting. Instant insights on risk are becoming an increasingly important element for insurers as they modernize their underwriting platforms. This technology evolution, coupled with new partnerships, brings opportunities for Aon to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way."

“As a nimble InsurTech, Zesty.ai can bring the latest technologies, such as AI, machine, learning, and big data analytics to the Property & Casualty insurance industry. “In collaboration with Aon, we can offer carriers a powerful, data-driven solution to better underwrite, manage risk and delight customers with a digital buying experience,” added Attila Toth Zesty.ai's CEO.

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