Using Aon’s distribution network, insurers will be able to evaluate their portfolio risk through Zesty.ai’s wildfire risk model (Z-FIRE) and obtain high fidelity property insights for underwriting both catastrophic and attritional risk.
Z-FIRE utilises machine learning to combine vital property details – including vegetation, building materials, topography, weather patterns among others – with actual loss data.
Aon says Z-FIRE complements its U.S wildfire catastrophe model from Impact Forecasting for reinsurance purchase and exposure management.
“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,” said George deMenocal, President and U.S Chief Executive Officer of Aon’s Reinsurance Solutions business.
“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.”
Insurers will also be able to leverage Zesty.ai’s Property Risk Analytics Platform to more accurately capture individual property characteristics by providing 130 billion data points on U.S properties
Jobay Cooney, Senior Managing Director and Head of InsurTech for Aon, stated, “Aon is committed to helping clients adopt new technologies that advance their strategic initiatives.”
“We chose to partner with Zesty.ai as they have demonstrated they are an innovative leader in this space and that insurers can derive value from their granular data and visual assessments.”
Attila Toth, CEO of Zesty.ai, added, “We are honored that Aon has chosen to enter into a strategic alliance with Zesty.ai. Aon is the trusted advisor to insurance carriers globally with deep expertise in catastrophic risk management accumulated over decades.”
“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.”