OAKLAND, Calif., Nov. 19, 2019 /PRNewswire/ -- Zesty.ai announced the release of Z-BOOK™, a revolutionary property change detection solution targeting the global Property and Casualty Insurance Industry. Z-BOOK leverages artificial intelligence (AI) on multiple comprehensive data sources to detect when an improvement is made to a property, and to track maintenance history and quality changes over time, which may affect insurance coverage and customer safety. Relying on Z-BOOK allows property insurance companies to maintain a more accurate view of risk in their portfolio (also referred to as in-force book of business) over time and ensure safer residential and commercial properties for their customers.
Z-BOOK is a unique solution in the market given the large number of property risk modifiers (60+) it tracks and its utilization of 20+ data sources including high-resolution aerial, satellite and terrestrial imagery, building permits, and real estate transaction databases, among others.
"Z-BOOK uses the latest advancements in computer vision and Natural Language Processing powered by AI" says Kumar Dhuvur, Zesty.ai's Founder & Head of Product. "Our technology accurately detects property-specific risk factors from imagery captured from the sky or the ground through computer vision. Natural Language Processing helps us extract structured data from text, such as building permits."
In 2016 and 2017 alone, Americans undertook 53 million home improvement projects such as installation of new roofs, additions of swimming pools, secondary structures, and decks. These home improvement projects, in addition to natural changes that occur on a property over time—such as roof quality degradation and vegetation overgrowth—affect more than just appropriate insurance coverage. These occurrences also impact resident safety.
Yet, because of the difficulty of obtaining up-to-date property data from traditional sources, such as county tax assessors and the added cost of physical inspections at the time of renewal, many insurance carriers let too many years pass before they reevaluate the risk of a property. This leaves the risk profile of a property unclear, and the property itself more susceptible to both attritional and catastrophic loss.
Using Zesty.ai's comprehensive data platform and AI-powered Change Detection Technology, Z-BOOK changes the way insurance carriers manage risk by continuously monitoring their Personal and Commercial Lines books of business at the individual property level. When a change or potential risk is detected, Z-BOOK automatically alerts the carrier. This, in turn, allows insurers to accurately reassess property risk and notify customers if modifications are required to remain in line with their coverage and protect their home or business from danger.
For instance, whether a property owner is aware of the potential danger or not, a deterioration in roof quality puts the property at risk in the case of inclement weather, including severe convective storms or hurricanes. Z-BOOK recognizes this risk and alerts the insurer via an Application Programming Interface (API) and a software application. The insurer can then notify the customer and provide specific risk mitigation strategies to ensure that the roof quality issues are properly attended to, keeping the home and family safe.
Now, with Z-BOOK, insurance carriers are able to update policies with the changed risks of the property prior to the time of renewal, while also improving customer experience by engaging in a proactive dialogue with the customer on risk mitigation strategies and adequate coverage levels.
Zesty.ai harnesses the power of artificial intelligence to help the trillion-dollar global property and casualty insurance industry accelerate its digital transformation. Using the latest advancements in artificial intelligence on 115+Bn data points on residential and commercial properties, Zesty.ai extracts key building features to accurately model the potential impact of catastrophic and attritional loss events. The same risk insights enable a new age, data-driven dialogue between insurers, customers, agents and regulators. Zesty.ai was named "Cool Vendor in Insurance" by Gartner in 2019, won the Silver Award at the Zurich Innovation World Championship in 2019 and was voted "The Most Innovative InsurTech Startup" by Plug & Play members in 2018 For more information, visit https://zesty.ai/.