Re/insurance broker Aon has formed a strategic alliance with US-based artificial intelligence (AI) startup Zesty.ai to improve its underwriting data insights.
The partnership will enable insurers using Aon's distribution network to evaluate their portfolio risk through Zesty.ai’s wildfire risk model and also obtain high fidelity property insights for underwriting both catastrophic and attritional risk.
Through Aon, insurers will now be able to access Zesty.ai’s 130 billion data points on US properties which are designed to easily integrate into existing systems and models, and helps in granular risk analysis and informed pricing.
George deMenocal, president and US CEO of Aon’s Reinsurance Solutions business, explained: “Immediate access to new, useable and meaningful data insights is continuing to advance insurance underwriting. Instant insights on risk are becoming an increasingly important element for insurers as they modernise their underwriting platforms.
"This technology evolution, coupled with new partnerships, brings opportunities for Aon to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way.”
Jobay Cooney, senior managing director and head of insurTech for Aon, said: “Aon is committed to helping clients adopt new technologies that advance their strategic initiatives. We chose to partner with Zesty.ai as they have demonstrated they are an innovative leader in this space and that insurers can derive value from their granular data and visual assessments.
"This value includes customer engagement, underwriting accuracy, inspection cost savings and post-event claims analysis – plus offering premiums that more accurately reflect the risk to their customers.”
Attila Toth, CEO of Zesty.ai, stated: “As a nimble InsurTech, Zesty.ai can bring the latest technologies, such as AI, machine, learning, and big data analytics to the Property & Casualty insurance industry. In collaboration with Aon, we can offer carriers a powerful, data-driven solution to better underwrite, manage risk and delight customers with a digital buying experience.”
Earlier in December 2018, Zesty.ai secured a $13 million investment in its Series A financing round, led by Luxembourg-based private investment fund Blamar.
Aon, Zesty.ai, Insurtech, Underwriting, Property, Catastrophe, Risk modelling, Insurance, Reinsurance, Artificial intelligence, Insights, North America