Climate and property risk analytics provider ZestyAI has announced that severe convective storms have joined the list of perils addressed by the its risk analytics platform.
The company claims that Z-HAIL and Z-WIND are the first AI models to give carriers hail and wind risk assessment that can be used in both underwriting and rating at the time of quote.
They are based on scientific research and provide insights into factors such as a roof’s susceptibility to severe convective storms and the potential severity of those claims, allowing insurers to segment properties by risk level.
“Insurers continue to grapple with skyrocketing losses brought on by traditional stochastic models that provide inadequate risk assessment for severe convective storms,” said Kumar Dhuvur, Co-Founder and Chief Product Officer of ZestyAI.
“That leaves carriers struggling to explain claims when they occur, often falling back to methodology that focuses exclusively on individual large storms,” he added. “Using a single event to explain losses is like blaming a single candy bar when a tooth develops a cavity.”
