ZestyAI describes the new product as an AI-driven model which predicts the frequency and severity of non-weather water and freeze claims for properties across the U.S.
Kumur Dhuvur, Co-Founder and Chief Product Officer, commented: “The landscape of non-weather water claims is shifting, with a concerning trend towards increased claim severity. The rising cost of building materials and labour has inflated claim payouts. Additionally, the interconnected nature of our homes, with open floor plans, finished basements, and high-value electronics, means water damage can have a significantly higher price tag.”
Non-weather water claims are the third-biggest cause of insurance losses in the U.S., underlining the need for a comprehensive predictive model. Insurers are not able to accurately predict and mitigate the risk of non-weather water damage on a property-by-property basis.
Z-WATER goes further than traditional models by integrating property-specific construction and architectural details that affect the total loss cost of non-weather water and freeze, along with the local infrastructure and water distribution network, for a holistic assessment of risk, according to the vendor.
ZestyAI reports that this product will allow the insurance industry to provide more optimal products, with fairer pricing and improved operations for at-risk properties. Z-WATER has been trained and certified on the largest catalogue of actual insurance loss data sourced from across the country from multiple carriers. “Z-WATER delivers the most accurate results of all interior water models, giving unparalleled insight into the risk of loss and an unprecedented level of granularity,” ZestyAI said in a statement.
