Amica to Adopt ZestyAI's Full Risk Analytics
Platform to Better Serve Customers
SAN
FRANCISCO and LINCOLN,
R.I., July 30, 2024 /PRNewswire/ - Today,
ZestyAI, the leading provider of climate and property risk
analytics solutions powered by Artificial Intelligence (AI), and
Amica Mutual Insurance, a leader in auto, home, and life insurance,
announced they will be expanding their long-standing partnership.
Amica will now leverage ZestyAI's full property and climate risk
analytics platform. This includes AI-powered climate risk models
that evaluate both the hazard and vulnerability of hail and wind
damage, Z-HAIL™ and Z-WIND™, as well as ZestyAI's property risk
solution, Z-PROPERTY™. Amica will integrate these new predictive
analytics models into a unified AI platform with their existing
wildfire risk assessment, Z-FIRE™, and regulatory compliance
solutions, CA Compliance Prefill.
As natural catastrophic events, like severe convective storms
and wildfires, become increasingly frequent and severe, insurers
need to find better ways to accurately predict and proactively
address the growing threat of climate risk. ZestyAI provides
accurate, property-specific data to help insurers determine the
true risk for each property. The models examine the interaction of
climatology, geography, and the unique characteristics of every
structure and roof, analyzed in 3D, including accumulated damage
from historical storms. The models are rooted in decades of science
and experimentation by researchers, including the Insurance
Institute for Business & Home Safety (IBHS), and are trained on
huge amounts of loss data, making them the most accurate solutions
on the market.
With ZestyAI models, carriers are able to move from
territory-based segmentation to a property-by-property risk
assessment. They also benefit from enhanced underwriting and
portfolio optimization and can more accurately align policies with
coverage needs.
Amica, one of the first insurers to incorporate roof condition
into their ratings, is demonstrating industry leadership once
again. They are now adopting peril-specific risk models for even
more accurate risk assessment, and will continue to rely on roof
quality assessment using ZestyAI's Z-PROPERTY solution in their
underwriting processes.
"One of the most meaningful ways we protect our customers and
their homes is to work with them to understand and mitigate risk,"
said Rebecca L. Stolte, Assistant
Vice President at Amica. "We've had a very positive experience
effectively utilizing 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 earned the top spot in the J.D. Power 2024 US Property
Claims Satisfaction StudySM," said Attila Toth, Founder
and CEO of ZestyAI. "As the leader in customer satisfaction, they
recognize the importance of utilizing technology to help customers
manage the increasing danger of severe weather."
ZestyAI's models are built and validated on real claims data,
generating the highest lift in the industry. They are highly
transparent, providing the top factors contributing to each risk
score. Additionally, ZestyAI models allow carriers to adjust inputs
based on customer mitigation actions, leading to dynamic risk score
updates. This fosters a collaborative approach where both carriers
and policyholders can work together to manage risk effectively.
By leveraging multiple products on the ZestyAI Climate and
Property Risk platform, Amica will gain a better understanding of
risk for each individual property and be able to make informed and
transparent risk decisions to continue to deliver world-class
services to its valued customers.
About Amica Mutual Insurance
Amica Mutual Insurance is the longest-standing mutual insurer of
automobiles in the U.S. A direct writer, Amica also offers home,
life, marine and umbrella insurance, as well as annuities. Founded
on the principles of outstanding service, Amica creates peace of
mind and builds enduring relationships with its customers. That
mission is shared and supported by thousands of employees across
the country. For more information, visit Amica.com.
About ZestyAI
ZestyAI is the leading property and climate risk platform for
Property and Casualty insurers in North
America. The company has revolutionized the world's
understanding of property and climate perils by combining
artificial intelligence with historical losses and cutting-edge
data sources. Leading insurers and real estate companies trust
ZestyAI's platform to identify risk and assess exposure, including
the impact of catastrophic events like wildfires, hail, and wind
storms. ZestyAI helps insurers make more informed underwriting
decisions, rate fairly and accurately, enhance reinsurance
outcomes, and improve customer experience through actionable risk
insights that both property owners and regulators trust.
For more information on how ZestyAI is revolutionizing risk
management, visit www.zesty.ai.
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SOURCE ZestyAI