ZestyAI partners with Duck Creek for property and climate risk analytics – Reinsurance News

ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has announced a strategic partnership with Duck Creek Technologies, a provider of core systems for property and casualty (P&C) insurance.

This collaboration positions ZestyAI as a Solution partner within Duck Creek’s ecosystem, enabling property and casualty insurers to utilise advanced property analytics and specific risk scores for more effective assessment and management of climate-related risks.

“We are delighted to partner with the strong team at ZestyAI to provide seamless access to their unique property data insights from within Duck Creek Policy,” commented Robert Fletcher, Sr. Partner Manager at Duck Creek.

Fletcher continued: “Our mutual customers are looking for the most accurate, location-specific data to assess the underlying risk of a property. Through this new partnership with ZestyAI, we continue to demonstrate the power of Duck Creek’s open platform, which enables insurers to rapidly integrate innovative solutions to provide an easier, quicker and more accurate user experience.”

In recent years, the P&C insurance industry has grappled with mounting losses from natural disasters like wildfires and severe storms, underscoring the urgent need for improved methods to evaluate and mitigate climate risks.

ZestyAI excels in harnessing AI and data science to conduct thorough assessments of property-level risk exposure, integrating various factors that influence overall property risk.

Attila Toth, Founder and CEO of ZestyAI, added: “The insurance industry is undergoing a seismic shift when it comes to the availability of technology and data. Our models are rooted in materials science and atmospheric science to tackle major challenges like wildfires and severe convective storms, in addition to general property risk assessments, like roof quality.”

“We are pleased to be able to bring Duck Creek customers ZestyAI data, within their existing workflows for a better and more accurate approach to risk assessment,” Toth further noted.

Through this partnership, ZestyAI’s climate models will seamlessly integrate into Duck Creek’s platform, offering insurers a comprehensive view of property risk exposure to natural disasters such as severe storms and wildfires.

This integration empowers insurers to refine their risk management strategies, optimise risk selection processes, and tailor insurance offerings based on precise insights derived from ZestyAI’s analytics.

Furthermore, embedding ZestyAI’s property and climate risk models within Duck Creek’s platform streamlines workflows for personal and commercial lines, facilitating expedited decision-making and efficient underwriting processes.