Amica Mutual Insurance Expands Partnership With ZestyAI to Enhance Property Risk Assessment in the Face of Increasing Climate Risks

Amica to Adopt ZestyAI's Full Risk Analytics Platform to Better Serve Customers

SAN FRANCISCO and LINCOLN, R.I., July 30, 2024 /PRNewswire/ - Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), and Amica Mutual Insurance, a leader in auto, home, and life insurance, announced they will be expanding their long-standing partnership. Amica will now leverage ZestyAI's full property and climate risk analytics platform. This includes AI-powered climate risk models that evaluate both the hazard and vulnerability of hail and wind damage, Z-HAIL™ and Z-WIND™, as well as ZestyAI's property risk solution, Z-PROPERTY™. Amica will integrate these new predictive analytics models into a unified AI platform with their existing wildfire risk assessment, Z-FIRE™, and regulatory compliance solutions, CA Compliance Prefill.

As natural catastrophic events, like severe convective storms and wildfires, become increasingly frequent and severe, insurers need to find better ways to accurately predict and proactively address the growing threat of climate risk. ZestyAI provides accurate, property-specific data to help insurers determine the true risk for each property. The models examine the interaction of climatology, geography, and the unique characteristics of every structure and roof, analyzed in 3D, including accumulated damage from historical storms. The models are rooted in decades of science and experimentation by researchers, including the Insurance Institute for Business & Home Safety (IBHS), and are trained on huge amounts of loss data, making them the most accurate solutions on the market.

With ZestyAI models, carriers are able to move from territory-based segmentation to a property-by-property risk assessment. They also benefit from enhanced underwriting and portfolio optimization and can more accurately align policies with coverage needs.

Amica, one of the first insurers to incorporate roof condition into their ratings, is demonstrating industry leadership once again. They are now adopting peril-specific risk models for even more accurate risk assessment, and will continue to rely on roof quality assessment using ZestyAI's Z-PROPERTY solution in their underwriting processes.

"One of the most meaningful ways we protect our customers and their homes is to work with them to understand and mitigate risk," said Rebecca L. Stolte, Assistant Vice President at Amica. "We've had a very positive experience effectively utilizing ZestyAI's technology in wildfire-prone states. Adding property insights and climate models for hail and wind will give us a comprehensive view of risk, allowing us to better serve our customers."

"Amica earned the top spot in the J.D. Power 2024 US Property Claims Satisfaction Study^SM," said Attila Toth, Founder and CEO of ZestyAI. "As the leader in customer satisfaction, they recognize the importance of utilizing technology to help customers manage the increasing danger of severe weather."

ZestyAI's models are built and validated on real claims data, generating the highest lift in the industry. They are highly transparent, providing the top factors contributing to each risk score. Additionally, ZestyAI models allow carriers to adjust inputs based on customer mitigation actions, leading to dynamic risk score updates. This fosters a collaborative approach where both carriers and policyholders can work together to manage risk effectively.

By leveraging multiple products on the ZestyAI Climate and Property Risk platform, Amica will gain a better understanding of risk for each individual property and be able to make informed and transparent risk decisions to continue to deliver world-class services to its valued customers.

About Amica Mutual Insurance

Amica Mutual Insurance is the longest-standing mutual insurer of automobiles in the U.S. A direct writer, Amica also offers home, life, marine and umbrella insurance, as well as annuities. Founded on the principles of outstanding service, Amica creates peace of mind and builds enduring relationships with its customers. That mission is shared and supported by thousands of employees across the country. For more information, visit Amica.com.

About ZestyAI

ZestyAI is the leading property and climate risk platform for Property and Casualty insurers in North America. The company has revolutionized the world's understanding of property and climate perils by combining artificial intelligence with historical losses and cutting-edge data sources. Leading insurers and real estate companies trust ZestyAI's platform to identify risk and assess exposure, including the impact of catastrophic events like wildfires, hail, and wind storms. ZestyAI helps insurers make more informed underwriting decisions, rate fairly and accurately, enhance reinsurance outcomes, and improve customer experience through actionable risk insights that both property owners and regulators trust.

For more information on how ZestyAI is revolutionizing risk management, visit www.zesty.ai. 

SOURCE ZestyAI