Insurtech startup Zesty.ai has recently formed a new partnership with Aon plc (NYSE:AON), a global professional services firm providing a broad range of risk, retirement and health solutions, to enhance insurers’ underwriting through access to more than 130 billion data points on buildings and their surroundings which enable granular risk analysis and informed pricing.
It was reported that through the Aon’s distribution network, insurers can evaluate their portfolio risk through Zesty.ai’s wildfire risk model and also obtain high fidelity property insights for underwriting both catastrophic and attritional risk.
“Insurers can also leverage Zesty.ai’s Property Risk Analytics Platform to more accurately capture individual property characteristics. Homeowners’ data is often self-reported by the insured or derived through costly property inspections. Through Aon, insurers can now access Zesty.ai’s 130 billion data points on US properties which are designed to easily integrate into existing systems and models. Additionally, this collection process enhances the consumer experience by pre-filling key attributes and removing the need for research from the policyholder. Finally, the process equates to a tangible benefit of a clearer understanding of the insured portfolio while simultaneously decreasing loss ratios due to high fidelity data and expense ratios due to fewer physical inspections.”
Speaking about the partnership, George deMenocal, President and US CEO of Aon’s Reinsurance Solutions business, stated:
“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. 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.”
Attila Toth, CEO of Zesty.ai, went on to add:
“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.”