California-based insurance company, Farmers Insurance has announced the integration of Zesty.ai’s wildlife risk scoring solution- Z-FIRE™ after gaining approval from the California Department of Insurance.
The model has been included in the company’s homeowners insurance underwriting procedure, further expanding the opportunities for the coverage of residences that are located in wildlife-risk regions.
In addition to above, Farmers® will also be introducing a novel approach to manage its statewide wildfire exposure by monitoring wildfire risk to houses on a granular basis along with studying the overall risk exposure in different parts of the state.
According to Keith Daly, President of Personal Lines, Farmers Insurance, the company has emerging as a leader in meeting the state’s homeowner insurance market by launching a new approach to underwriting risks and using Zesty.ai’s unique technology – the Z-FIRE™ scoring model to support the firm’s current processes.
For the record, the innovative Z-FIRE™ risk scoring system is a predictive risk evaluation technology that uses high-resolution imagery, weather data, and AI to understand the property attributes that may affect the property’s wildfire risk.
According to Attila Toth, Founder and CEO, Zesty.ai, the company’s collaboration with farmers will help implement advanced AI technology to access the risk of wildfires that have claimed nearly 194 lives and led to economic losses worth USD 57 billion in the last five years across California.
The partnership will aim at expanding the access to crucial insurance coverage to Californians to protect live from natural calamities, Attila added.
Based in Woodland Hills, Farmers Insurance is California’s second-largest provider of homeowners insurance that provide homeowners insurance coverage to over 1.5 million people across the state.
The company is known to provide insurance for automobiles, small businesses, homes, and many financial and insurance service products.
Zesty.ai on the other hand utilizes 200 billion data points along with AI and aerial imagery to study the impact of climate change one building at a time. The firm has teamed up with many notable insurance companies to protect businesses, homes, and communities.
Source Credit: https://www.prnewswire.com/news-releases/farmers-insurance-adopts-innovative-technology-by-zestyai-to-increase-homes-eligible-for-insurance-in-high-wildfire-risk-areas-in-california-301311289.html