(Image source: Zesty.ai.)
Zesty.ai, an Oakland, Calif.-based InsurTech providing AI-driven insurance and climate risk analytics, has launched of Z-3D, which the vendor pitches the insurance industry’s first 3D property intelligence system. The new offering allows carriers to assess unique building characteristics such as roof pitch, the number and size of roof facets, building height, parcel slope, etc., to precisely measure risk at an individual property level for both personal and commercial lines of business, according to Zesty.ai’s announcement.
Z-3D is fully integrated with the Zesty.ai suite of artificial intelligence technologies, and also provides a powerful dataset for training predictive models on how to identify the growing climate risks to man-made structures, the vendor says.
“Risk simply does not exist in two dimensions—it is multi-faceted and constantly changing; our risk models must reflect that reality,” comments Kumar Dhuvur, Founder & Head of Product, Zesty.ai. “The digital transformation sweeping the insurance industry is not only a reflection of the rapid change in consumer expectations for smooth digital experience, but also a testament to the quantum leap in AI technologies available to assess risk. Ultimately, the intelligence of any AI model relies primarily on the quality of its underlying data. With a 3D description of every U.S. property available at our fingertips, each part of the insurance policy life cycle becomes easier and more accurate.”
Zesty.ai reports that its property risk analytics platform uses more than 200 billion data points, including aerial imagery, weather, and real estate data to understand the risk inherent to each and every building. The company says its Z-3D modeling allows its AI models to dynamically and accurately assess the impact of natural disasters, such as wildfires, severe convective storms and flood events as well as vastly simplifying the insurance application process.
Previously, the cost of highly manual 3D risk analysis limited its use to high value claims adjustment. Zesty.ai says that he development of Z-3D vastly expands its impact to underwriting and rating through integration with the full suite of Zesty.ai property insights that are offered through the following methods, as described by the vendor:
- Z-FILL: all extracted property information used to dramatically improve the speed of the marketing, application or claims processes by pre-filling forms with accurate data.
- Z-BOOK: a revolutionary property change detection solution that detects deterioration in quality and upkeep or when an improvement is made to any property, allowing insurance companies to maintain a more accurate view of risk in their portfolio over time.
- Z-VIEW: every detail about a property matters so Z-VIEWTM provides insurance agents and underwriters with access to Zesty.ai’s unique insights through an interactive virtual view of any address in the U.S.
“Both the challenges and opportunities facing the insurance industry today are unprecedented, but much of the industry relies on data and models born before the turn of the century,” comments Attila Toth, Zesty.ai co-Founder and CEO. “Our mission is to dramatically and constantly evolve the insurance industry to protect families, communities, and their financial well-being. Because our climate is also constantly changing, we can only deliver on that mission if we leave no stone unturned, no data source unmined. The coverage and accuracy of Z-3D shows our commitment to meeting this challenge, and even at 150 million properties, it is only the first step.”