Latest news with #Z-FIRE
Yahoo
5 days ago
- Business
- Yahoo
Kin Insurance taps ZestyAI for wildfire risk assessment
Kin Insurance has integrated ZestyAI's wildfire risk assessment model, Z-FIRE, to evaluate property-level wildfire exposure in California. This integration, which took only ten days, allows the insurer to offer coverage in areas with high wildfire risks. Z-FIRE employs machine learning (ML) to assess a range of factors that contribute to a property's vulnerability to wildfires, including defensible space, construction materials, topography and vegetation. The model's predictive capabilities were validated during the recent Los Angeles wildfires, where it identified the majority of the areas that were severely impacted. ZestyAI secured approval for Z-FIRE across Western states. Its severe convective storm models have also gained acceptance in US regions prone to such weather events, including Texas, Colorado, the Midwest and the Great Plains. Kin pricing and risk management vice-president Michael McCright stated: 'ZestyAI's Z-FIRE model brings the level of insight we need to confidently assess risk and offer coverage in areas at risk of wildfire.' ZestyAI founder and CEO Attila Toth said: 'Kin's expansion into California is exactly the kind of forward-thinking move our technology was built to support. Together, we are helping show that with the right data and tools, insurers can re-enter challenging markets with confidence – and deliver meaningful protection to homeowners who need it most. 'Equally important, Z-FIRE empowers insurers to recognise and reward mitigation efforts at the property level, encouraging homeowners to take action that reduces risk for themselves and their communities.' Earlier in February, NEXT Insurance partnered with ZestyAI to utilise the Z-PROPERTY and Z-FIRE models to refine its underwriting processes. "Kin Insurance taps ZestyAI for wildfire risk assessment " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Finextra
5 days ago
- Business
- Finextra
ZestyAI secures deal with Kin Insurance
ZestyAI today announced a new partnership with Kin Insurance, a direct-to-consumer, digital home insurance provider committed to serving catastrophe-exposed markets. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. As part of its expansion into California, Kin has deployed Z-FIRE, ZestyAI's wildfire risk model, to accurately assess property-level wildfire exposure and expand access to coverage in high-risk areas. The model was integrated in just 10 days, enabling Kin to move quickly in meeting the needs of California's evolving market. California continues to face a widening insurance gap, driven by more frequent natural disasters and insurer withdrawals. This partnership supports Kin's commitment to bringing insurance options back to communities impacted by limited availability of coverage. Z-FIRE uses machine learning to evaluate each property's unique characteristics, including defensible space, building materials, topography, vegetation, and more, to predict which properties are most likely to experience a wildfire and which ones will survive. 'California requires a smarter, more modern approach to home insurance risk management,' said Michael McCright, vice president, pricing and risk management at Kin. 'ZestyAI's Z-FIRE model brings the level of insight we need to confidently assess risk and offer coverage in areas at risk of wildfire.' 'Kin's expansion into California is exactly the kind of forward-thinking move our technology was built to support,' said Attila Toth, Founder and CEO of ZestyAI. 'Together, we're helping show that with the right data and tools, insurers can re-enter challenging markets with confidence—and deliver meaningful protection to homeowners who need it most.' 'Equally important, Z-FIRE empowers insurers to recognize and reward mitigation efforts at the property level, encouraging homeowners to take action that reduces risk for themselves and their communities.' Z-FIRE's performance has been validated through real-world events: Following the recent Los Angeles wildfires, Z-FIRE's highest-risk ratings closely corresponded with the hardest-hit areas, with 94% and 87% of the areas affected by the Palisades and Eaton fires rated as High Risk by the model. Among homes located within these perimeters, those flagged as having the highest vulnerability to damage were 50% more likely to be destroyed—highlighting the critical value of property-specific insights, even in dense urban settings. ZestyAI works closely with regulators to ensure transparency, validation, and continuous monitoring of its AI-driven models. The company has secured regulatory approvals across all Western states for Z-FIRE, along with broad acceptance of its severe convective storm suite of models in Texas, Colorado, the Midwest, and the Great Plains.
