After successfully utilising ZestyAI’s Z-FIRE model to evaluate property-level wildfire risk for homeowners’ insurance underwriting and rating in California, Millennial Specialty Insurance (MSI) will now expand ZestyAI’s climate risk models to all western wildfire states for enhanced data-driven wildfire risk analysis.
Commenting on the expanded partnership, Naimish Patel, President, Homeowner’s Insurance Group, MSI, said, “At MSI, our journey began with a vision to revolutionize the insurance industry by tackling the areas of our industry that are ripe for improvement.
“We believe in building something better, and that’s exactly what we accomplished by adopting Z-FIRE in California.
“Collaborating with ZestyAI has allowed us to continue our commitment to delivering a best-in-class technology-driven experience. Expanding our use of Z-FIRE across all wildfire states allows us to accurately predict and proactively address the growing threat of wildfire for every customer on our flexible digital platform.”
Attila Toth, Founder and CEO of ZestyAI, added, “MSI is a solutions-focused company that shares our values of innovation, collaboration, and customer service.
“ZestyAI’s approach to climate risk modeling not only provides more accurate risk assessment, but it will help to increase transparency and trust between MSI and their customers by providing detail on specific actions that can be taken by homeowners to lower their property’s risk and optimize their coverage.”
ZestyAI said its Z-FIRE model has quickly become the leader in property-specific wildfire risk assessment.
“Using AI trained on more than 1,500 wildfire events across 20 years of historical loss data, Z-FIRE provides accuracy and transparency that is of essential value to both insurers and homeowners,” the firm explained.
According to ZestyAI, the model considers features such as topography and historical climate data in combination with factors extracted from high-resolution imagery of the property itself and its surroundings, including homeowner and community mitigation efforts, to provide both neighborhood and property-specific risk scores.
The Z-FIRE model was built with regulatory compliance in mind and has been widely adopted across the Western U.S., where its use has been approved for both underwriting and rating.
