Farmers Insurance® Adopts Innovative Technology by Zesty.ai to Increase Homes Eligible for Insurance in High Wildfire-Risk Areas in California
“Farmers is excited to lead the way in addressing the complex government’s home insurance market by introducing a new approach to risk underwriting and Zesty.ai’s innovative new technology, the Z-FIRE ™ Scoring Model , used to complement our existing processes. ”said Keith Daly, President of Human Resources for Farmers Insurance. “We would like to thank the insurance commissioner Ricardo Lara and his team for their willingness to give us the opportunity to introduce advanced technology to meet the needs of California Consumer.”
Consumers interested in learning more about coverage options are encouraged to contact their local Farmers representative, call, or visit 800-974-6755 www.farmers.com for more details.
The Z-FIRE ™ risk assessment model is a proprietary predictive risk assessment platform that uses high-resolution images, building and weather data, and artificial intelligence to identify property attributes that may affect a property’s forest fire risk.
“Zesty.ai’s collaboration with Farmers to successfully implement the latest AI technology to accurately assess forest fire risk is another step forward in addressing an issue that has claimed and driven 194 lives.” $ 57 billion of economic losses over the past five years in California“Said Attila Toth, Founder and CEO of Zesty.ai.” We are proud that this partnership gives many Californians access to essential insurance coverage to protect their livelihoods and communities from natural disasters. “
Farmers insurance based in Forest hill, is California second largest provider of voluntary home insurance, providing home insurance to more than 1.5 million customers in the country.
“We remain committed to working with Commissioner Lara, consumers and other stakeholders to do our part to transform the insurance market into California stronger and tougher, “added Daly.” At Farmers, we understand that innovation is key to meeting changing consumer expectations and delivering maximum value to our customers. “
About the farmer’s insurance
“Farmer’s Insurance”®“And” Peasants®“are trade names for a group of insurers that provide auto, home, and small business insurance, as well as a wide range of other insurance and financial services products. Farmers Insurance Exchange®, the largest of the three primary insurers that make up Farmers Insurance, is recognized as one of the largest US companies on the 2020 Fortune 500 list.
For more information on Farmers Insurance, please visit Farmers.com, Twitter.com/WeAreFarmers, Instagram.com/ThisIsFarmers or Facebook.com/FarmersInsurance.
Increasingly frequent natural disasters such as forest fires, floods and cyclones devastated communities and drifted $ 2.2 trillion in the economic losses of the past decade. Zesty.ai uses 200 billion data points, including aerial images, and artificial intelligence to assess the impact of climate change on a building-by-building basis. Zesty.ai has partnered with leading insurance companies and property owners to help protect homes and businesses and support thriving communities.
Zesty.ai was named Top 100 Most Innovative AI Companies in the World by CB Insights in 2021 and Gartner Research named Gartner Cool Vendor in Insurance in 2019. For more information, see: https://www.zesty.ai/
SOURCE Farmers Insurance