Schaumburg, Ill., January 10, 2019 – Zurich North America has selected zesty.ai, a leading insurtech company, to represent North America in the first-ever Zurich Innovation World Championship. Zesty.ai, a startup using property analytics powered by artificial intelligence based in the San Francisco Bay Area, will now move forward to compete against two insurtechs from each of the following four regions: North America; Latin America; Asia Pacific; and Europe, Middle East & Africa
Over 450 startups from 49 countries signed up for Zurich’s first ever global insurtech startup tournament. After evaluation, 16 were invited to present their innovative technology at the North America regional round.
Winners of the Championship will pilot their innovative solution Zurich. If the pilot proves successful, Zurich will help scale the service across regional or global markets.
“Collaborating with insurtechs is an important component of our overall innovation strategy,” said Sumeet Bhatia, head of Innovation for Zurich North America. “The solutions brought forth by zesty.ai augment our own innovation capabilities in enhancing products and services for our customers and distributors.”
Zesty.ai presented an innovative platform to assess and evaluate a property’s risk exposure including wildfire and flood risk. Zesty.ai uses the latest advancements in computer vision, deep learning and digital imaging to capture billions of data points on properties which can be used to enhance underwriting rules, loss ratios, and reinsurance analysis.
Attila Toth, founder and CEO of zesty.ai said, “We’re confident in our cutting-edge technology and understanding of the market opportunity. We’re determined to win the right to work with Zurich and its customers.”
The global competition will take place in Zurich, Switzerland at the end of January, where three global winners of the first-ever Zurich Innovation World Championship will be announced.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. These businesses represent industries ranging from agriculture to construction and include more than 90 percent of the Fortune 500 companies. Lines of business offered include: property, casualty, specialty and crop insurance, surety bonds, and auto warranty products. Life insurance and disability insurance is available in the United States. Zurich employs approximately 9,000 people in North America. Further information is available at www.zurichna.com.
Zesty.ai harnesses the power of artificial intelligence to help the trillion-dollar global property and casualty insurance industry accelerate its digital transformation. Using the latest advancements in artificial intelligence on 115+Bn data points on residential and commercial properties, Zesty.ai extracts key building features to accurately model the potential impact of catastrophic and attritional loss events. The same risk insights enable a new age, data-driven dialogue between insurers, customers, agents and regulators. Zesty.ai was named “Cool Vendor in Insurance” by Gartner in 2019, won the Silver Award at the Zurich Innovation World Championship in 2019 and was voted “The Most Innovative InsurTech Startup” by Plug & Play members in 2018. For more information, visit https://zesty.ai.