Zesty.ai CEO Shares AI-Powered Risk Assessment at NAMIC Management Conference
- Zesty.ai was one of four insurtech startups invited to speak on stage at the 2019 National Association of Mutual Insurance Companies (NAMIC) Management Conference.
- Zesty.ai CEO, Attila Toth, provided conference attendees with an overview of how AI is revolutionizing modern risk assessment—specifically, how Zesty.ai solutions help insurance carriers and reinsurers better select risk and price that risk appropriately.
One of four insurtech startups invited to speak at the 2019 National Association of Mutual Insurance Companies (NAMIC) Management Conference, the Zesty.ai team recently made their way to North Carolina to educate NAMIC Management conference attendees on the future of risk assessment using artificial intelligence (AI).
The NAMIC Management Conference
The NAMIC Management Conference held earlier this year in Asheville, North Carolina is a yearly summit gathering CEOs, senior executives, and future leaders, to discuss trends and issues within the insurance industry.
NAMIC describes the Management Conference as, “Top-notch speakers, unrivaled networking opportunities, and an inspirational setting allow executives to connect with industry leaders and gain insight on the important issues facing the industry.”
Among those top-notch speakers was Zesty.ai CEO, Attila Toth. Toth was invited to the conference to lead a dynamic session, June 24, providing a glimpse of how new AI applications are revolutionizing the insurance industry and changing the future of property risk assessment.
AI’s Modern Role in Modern Risk Assessment for Property Insurance
Addressing the NAMIC Management Conference audience of senior executives from property and casualty carriers and reinsurers, Toth provided insight into the significant opportunities modernizing risk assessment using AI.
“AI is not just bringing marginal improvement to insurance, but it is revolutionizing the core of the industry—the way insurance selects and prices risk,” Toth explained.
Providing an overview of the opportunities available with modern technology, Toth stressed the importance of leveraging high fidelity property-specific risk modifiers with the help of AI as opposed to a handful of data points self-reported by the insured or agent. Toth also touched on the benefits of building predictive risk models rather than heuristic models.
“AI will bring upon more impactful and rapid change in the next decade than the Internet has in the past 25 years,” said Toth.
Urging the audience to embrace AI to better understand natural perils, Toth detailed how technology—such as Zesty.ai solutions—will revolutionize how insurance carriers understand natural perils and how they approach risk assessment in disasters such as the role AI will play the future of flood risk assessment and wildfire risk assessment.
How Zesty.ai is Changing Risk Assessment and Benefiting Insurance Carriers
While onstage, Toth provided an overview of a few of the key solutions Zesty.ai provides such as underwriting and portfolio risk assessment, inspection optimization, and customer targeting and marketing. Using advanced AI, these solutions enable insurance carriers to better select risk and price that risk appropriately. Therefore, allowing insurance carriers is to grow premiums and market share, reduce claims exposure, and optimize inspection expenses.
Leveraging property-specific risk modifiers with the help of AI as opposed to a handful of regional risk modifiers, Zesty.ai’s state-of-the-art AI-powered technology is designed to consider an individual homeowner’s risk characteristics in regards to natural disasters. In cases of wildfire, for instance, Zesty.ai’s AI-powered model automatically assesses an individual homeowner’s exposure to wildfire using high-resolution satellite, aerial imagery, and many additional data sources.
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