OAKLAND, Calif., Jan. 31, 2019 /PRNewswire/ --
- Zesty.ai has won Silver in the first ever global Zurich Innovation World Championship
- Zurich is working together with zesty.ai to pilot its Artificial Intelligence enabled Property Risk Analytics services in North America first and potentially expanding around the globe
- The Championship was launched in August 2018 and attracted more than 450 companies to compete at the country, regional and global levels
Zesty.ai was selected as the Silver Award winner by Zurich Insurance Group (Zurich) in the first ever Zurich Innovation World Championship for its work leveraging artificial intelligence to revolutionize risk underwriting and customer experience for Property and Casualty insurance. Zurich is a leading multi-line insurer with about 53,000 employees and presence in more than 210 countries. Zurich is the parent company of Zurich North America and Farmers Insurance.
Zesty.ai has developed an AI-based solution that can provide insurers with detailed and accurate property insights to improve underwriting, pricing and post-event response. Using satellite and drone imagery, information collected by aircraft, weather data and other structured data sources, zesty.ai has analyzed more than 115 billion data points on 140 million structures.
Group Chief Executive Officer Mario Greco said: "The Zurich Innovation World Championship underlines our ongoing quest to attract and retain the best and most innovative talent across the globe. We received applications from Argentina to Australia, demonstrating the breadth of talent, ideas and people who recognize the opportunity to work with and learn from Zurich. We are very excited to be working with our winners to develop cutting-edge new services, approaches and capabilities that will help us better meet the evolving needs of our customers, employees and other stakeholders globally."
Zurich has started to pilot zesty.ai's solutions in parallel with those offered by Chisel AI, the Gold Awardee, in North America. Upon successful completion of the pilot, Zurich and zesty.ai expect to expand the partnership to other regions around the globe.
"Chisel AI and zesty.ai represent the spirit of innovation that we continue to foster as we look for new ways to better serve our customers," said Anurag Batta, head of Strategy, Innovation and Business Development for Zurich North America. "We look forward to working with both winners to bring innovative solutions to the market."
Attila Toth, Founder & Chief Executive Officer of zesty.ai commented: "We are humbled by this award from Zurich, a much admired brand in global insurance. We firmly believe that Artificial Intelligence will change the world more in the next decade than the Internet has in the past 25 years. We look forward to partnering with Zurich and bringing the power of AI to property insurance."
The global round of the Zurich Innovation World Championship was judged by Zurich's executive committee, who together decided on the four winners. Chisel AI was the Gold winner, and LifeNome and Soldier.ly were named shared Bronze winners. The companies were honored during an awards ceremony at Zurich's headquarters in Switzerland.
Additional information on the Zurich Innovation World Championship, including profiles of the eight finalists and a recording of the awards ceremony is available at: https://www.zurich.com/en/campaigns/ziwc.
Zesty.ai leverages Artificial Intelligence to help the trillion-dollar global property insurance industry better assess risk. 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 to accurately model the potential impact of catastrophic and attritional loss events. Leading insurance carriers and reinsurers partner with zesty.ai to underwrite risk more accurately, delight customers with a digital purchasing experience and manage inspections more cost-effectively. Zesty.ai was recognized as the Most Innovative Insurtech Startup by Plug & Play in August 2018 and won the Silver Award from the Zurich Innovation World Championship in January 2019.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich's customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.