ZestyAI has partnered with Duck Creek Technologies to allow P&C insurers to assess and manage climate-related risks using advanced property analytics and specific risk scores.
ZestyAI's climate models accessible within the Duck Creek platform provide insurers with a detailed view of a property's risk exposure to natural disasters, such as severe convective storms and wildfires.
According to the company, P&C insurers can reduce their loss ratios by controlling risk selection and offering tailored insurance solutions based on the insights provided by the new solution.
Robert Fletcher, senior partner manager at Duck Creek, states: “Our mutual customers are looking for the most accurate, location-specific data to assess the underlying risk of a property.
“Through this new partnership with ZestyAI, we continue to demonstrate the power of Duck Creek's open platform, which enables insurers to rapidly integrate innovative solutions to provide an easier, quicker, and more accurate user experience."
Attila Toth, founder and CEO of ZestyAI, remarks: “The insurance industry is undergoing a seismic shift when it comes to the availability of technology and data.
"Our models, grounded in materials science and atmospheric science, address significant challenges such as wildfires and severe convective storms, while also evaluating general property risk factors like roof quality."
