Global professional services firm Aon and American artificial intelligence (AI) start-up Zesty.ai have formed a strategic alliance to improve its underwriting data insights.
Pursuant to the terms of the collaboration, Zesty.ai will provide access to 130 billion data points on buildings and their surroundings which enable risk analysis and pricing.
The data is acquired though AI on regularly updated satellite and aerial imagery and other data sources – without ever visiting the premises.
Now, insurers using Aon’s distribution network will be able to assess their portfolio risk through Zesty.ai’s wildfire risk model.
Additionally, they can also obtain high fidelity property insights for underwriting both catastrophic and attritional risk.
Aon president and US CEO of reinsurance solutions business George deMenocal said: “Immediate access to new, useable and meaningful data insights is continuing to advance insurance underwriting.
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“Instant insights on risk are becoming an increasingly important element for insurers as they modernise their underwriting platforms.
“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.”
Aon senior managing director and head of insurtech Jobay Cooney said: “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.
“This value includes customer engagement, underwriting accuracy, inspection cost savings and post-event claims analysis – plus offering premiums that more accurately reflect the risk to their customers.”
Zesty.ai raked in a $13m investment in a Series A financing round in December last year, which was led by Luxembourg-based private investment fund Blamar.