US-based CSAA Insurance Group has partnered with ZestyAI, a climate and property risk analytics solutions provider, for wildfire risk assessment.
Under the collaboration, CSAA plans to integrate ZestyAI’s, Z-FIRE into its underwriting and rating processes for homeowners’ insurance to help assess property-level wildfire risk.
This collaboration comes as wildfires continue to damage property in several areas across the nation and Z-FIRE provides wildfire risk scores for properties in the 48 states of the US.
CSAA Insurance Group senior vice president of product strategy and development Rick Lanter said: “Our goal is to continuously find better ways to serve our policyholders. By broadening our understanding and application of AI, we expect to more accurately estimate wildfire risks in support of our customers.”
ZestyAI uses artificial intelligence such as computer vision to create a virtual version of buildings.
ZestyAI claims to provide 200 billion property insights, including information on potential dangers, such as the impacts of natural disasters, that could affect a property’s value.
Insurers leverage these property risk insights to make informed marketing, underwriting and rating decisions.
ZestyAI CEO founder Attila Toth said: “With climate change altering the face of insurance, AI is an increasingly important tool for forward-thinking insurers. We are committed to supporting CSAA on its journey to offering innovative products that are backed by data-driven risk analysis.”
Several CSAA markets are expected to provide Z-FIRE-powered risk assessment. Founded in 1914, CSAA offers automobile, homeowners and other personal lines of insurance.