Today, an exciting partnership has been unveiled between ZestyAI, a pioneering force in climate and property risk analytics backed by artificial intelligence (AI), and Coterie Insurance, an insurtech company highly focused on establishing partnerships and renowned for their innovative use of data and technology in the small business insurance sector.
This alliance is aimed at maximising the potential of ZestyAI’s property risk analytics platform, Z-PROPERTY™. Coterie Insurance plans to integrate this advanced AI platform into their underwriting processes, providing rapid, data-driven insights into business insurance risk across the United States.
ZestyAI, famed for utilising AI in risk analysis, maintains a rich database comprising information on every property in North America. The company’s Z-PROPERTY platform uses computer vision and machine learning to interpret aerial and satellite imagery, presenting insights into over 150 million residential and commercial properties. As factors such as property condition, maintenance and upgrades evolve, they continually update this expansive database to provide real-time value and risk evaluations.
Coterie Insurance is transforming the small business insurance sector by offering instant coverage. Their sophisticated technology uses digital underwriting, utilising publicly available data to provide a transparent and precise quoting and binding process. Coterie empowers agents, brokers and partners with advanced tools to secure coverage for small businesses, showcasing the broadest appetite on the market and a strong dedication to the success of today’s small businesses.
Coterie Insurance will apply Z-PROPERTY’s precision scoring system to make more informed underwriting decisions. The system evaluates various factors, including roof condition and complexity, debris, and vegetation overhang. With the comprehensive coverage and accuracy of Z-PROPERTY, Coterie Insurance can expedite decisions, minimise the frequency and cost of manual inspections, and reduce loss ratios. Impressively, Z-PROPERTY was integrated into Coterie’s existing systems in less than a week.
“Coterie Insurance has zeroed in on what businesses are looking for: speed, service, and simplicity,” said ZestyAI CEO Attila Toth. “We’re excited to partner with them to provide our unique property insights and enable them to provide their clients with a fast, transparent, and accurate underwriting process.”
Paul Bessire, Chief Data Officer at Coterie Insurance, also expressed his enthusiasm for the partnership, saying “Like Coterie, ZestyAI is part of the ecosystem revolutionising commercial insurance. By providing property data, we expect ZestyAI will help Coterie understand both attritional and catastrophic risk impacting commercial data.”
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