OAKLAND, Calif., June 21, 2018 /PRNewswire/ -- Zesty.ai, an Artificial Intelligence-enabled risk analytics platform for Property and Casualty insurance, was honored with the People's Choice Award for the Insurtech vertical of Plug and Play's Summer Summit. Zesty.ai leverages the latest advancements in computer vision and deep learning on 115 Billion data points on residential and commercial properties to model key risk factors for loss events, such as hurricanes, floods, wildfires among others.
Over 400 executives hailing from five Continents representing more than 200 insurance and reinsurance companies attended the Summit last week in Palo Alto, CA.
Plug and Play launched its Insurtech program in 2016 with the mission to connect emerging Insurtech startups to the world's leading insurance institutions. More than 80 worldwide insurance companies have become members of the prestigious program that has accelerated more than 100 Insurtech startups and invested in the most promising ones, including zesty.ai.
Zesty.ai was one of only 32 startups selected for the Insurtech Summer 2018 program out of over 1,000 that applied. The program culminated at Plug and Play's Summit where zesty.ai was named as the most innovative startup based on the votes of the participating insurance executives.
"We are humbled by winning this award!" said Attila Toth, co-founder and CEO of zesty.ai. "We are grateful to Plug and Play for giving us an unparalleled global platform for putting our product and business development on steroids. As a result, in the past six months we have launched several new product features and partnered with fifteen leading insurance and reinsurance companies."
"Lack of access to reliable data on property and the insured is a very real pain point for the trillion dollar global property insurance industry. Zesty.ai's experienced team is applying AI to solve exactly that," said Ali Safavi, head of Plug and Play Insurtech. "As also proven by this award, zesty.ai's product was met with great excitement by our member organizations and that is why we have decided to invest in the company."
Zesty.ai leverages Artificial Intelligence to change the way the trillion-dollar global property insurance industry has been assessing risk for decades.
We use the latest advancements in computer vision and deep learning on 115+Bn data points on residential and commercial properties to extract key building features (e.g., roof geometry, material, quality; distance to inflammable vegetation and more) to accurately model the potential impact of both non-catastrophic and catastrophic loss events, such as hurricanes, floods, wildfires and earthquakes.
Several insurance carriers and reinsurers have partnered with zesty.ai to underwrite risk more accurately, provide their customers a smoother purchasing experience and manage inspections more cost-effectively. For more info please visit https://zesty.ai and watch our 100-second video.
About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in 28 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 220 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com