Cincinnati Insurance Company partners with Zesty.ai

Oakland-based property analytics software Zesty.ai partnered with Cincinnati Insurance to integrate its Z-FIRE product across the insurer’s portfolio. With Z-FIRE, Cincinnati insurance agents are able to assess wildfire risk as the product considers building materials, topography, historical weather data, and factors extracted from high-resolution imagery like vegetation clearance and mitigation efforts. It then combines these details with actual loss data to derive a predictive risk score, giving insurance carriers a much more accurate risk metric to inform underwriting, while taking into account many of the home hardening efforts taken on by property owners.

Founded in 2017, Zesty.ai is a team of ~28 and it has secured $13 million in a Series A financing announced in 2018. Other partners announced in the past include Aon, MetLife and Hippo.

“We were immediately impressed with Zesty.ai’s ability to provide precise risk scores for individual properties at scale. Z-FIRE enhances our current wildfire risk assessment tools, increasing our teams’ confidence in writing more business for the independent agents who represent us while simultaneously giving homeowners more coverage options.” – Scott Schuler, assistant vice president, Personal Lines – Product for The Cincinnati Insurance Company.

“Five of the six largest wildfires in California history occurred last year. As the costs of climate change continue to increase, it’s critical that the insurance industry and its customers look beyond the status quo and embrace emerging technologies like AI to better understand the risks associated with natural disasters. The Cincinnati Insurance Company has always been known for its progressive approach, and we’re proud of our partnership with them as they further cement their pioneering position, providing homeowners with policies that accurately reflect a property’s wildfire risk.” – Attila Toth, CEO of Zesty.ai.