Zurich Insurance Group announced on Thursday it has named Zesty.ai the winner of its global insurtech competition, Zurich Innovation World Championship. According to Zurich, Zesty.ai was selected for its work using artificial intelligence to revolutionize risk underwriting and customer experience for Property and Casualty insurance.
Zurich reported that Zesty.ai has developed an AI-based solution that can provide insurers with detailed and accurate property insights to improve underwriting, pricing and post-event response. Using satellite and drone imagery, information collected by aircraft, weather data, and other structured data sources, zesty.ai has analyzed more than 115 billion data points on 140 million structures. Speaking about the competition, Zurich CEO, Mario Greco, stated:
“The Zurich Innovation World Championship underlines our ongoing quest to attract and retain the best and most innovative talent across the globe. We received applications from Argentina to Australia, demonstrating the breadth of talent, ideas and people who recognize the opportunity to work with and learn from Zurich. We are very excited to be working with our winners to develop cutting-edge new services, approaches and capabilities that will help us better meet the evolving needs of our customers, employees and other stakeholders globally.”
Attila Toth, Founder & Chief Executive Officer of zesty.ai, added:
“We are humbled by this award from Zurich, a much admired brand in global insurance. We firmly believe that Artificial Intelligence will change the world more in the next decade than the Internet has in the past 25 years. We look forward to partnering with Zurich and bringing the power of AI to property insurance.”