Roof Age Solution Rounds Out a Complete Suite of Roof-Related Risk Products for Unparalleled Insights Into Roof Age, Condition, and Resilience
SAN FRANCISCO, March 26, 2024 /PRNewswire/ – Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by artificial intelligence (AI), unveiled its newest solution to address the leading driver of insurance losses – roof claims. ZestyAI’s Roof Age is a new solution that pinpoints the age of a roof using data from both building permits and historical imagery. This unique approach allows the company to determine the age of each roof with over 90 percent accuracy and nearly 100 percent coverage across the contiguous US.
ZestyAI’s Roof Age is a new solution that pinpoints the age of a roof using data from both building permits and historical imagery. (CNW Group/ZestyAI)
In a recent survey from ZestyAI, 62% of homeowners reported putting off home improvements or maintenance projects for financial reasons. It was found that only 35% of homeowners would be comfortable with a large home improvement cost, such as a roof replacement, right now, and when asked how they would handle a roof replacement, over 40% of homeowners said they would attempt to file an insurance claim. (CNW Group/ZestyAI)
Traditional methods of obtaining roof age information are deeply flawed and inaccuracies in assessing roof age contribute to the approximately $19 billion in roof-related claims per year. Most carriers depend on policyholder or agent-reported data, which is often inaccurate, leading to blind spots in assessing property risk. In a recent ZestyAI survey, 63 percent of homeowners reported not knowing the age of their roof if they were not in their homes the last time it was replaced.
Recognizing the critical need for a more reliable and comprehensive solution, ZestyAI has introduced Roof Age to precisely determine of the age of a roof with unparalleled accuracy. Insurance carriers will use ZestyAI Roof Age to prevent losses, improve premium capture, and optimize inspections.
“Roof claims stand as the primary driver of insurance losses, yet many carriers continue to rely on unproven policyholder-provided data for assessing roof age,” said Kumar Dhuvur, Co-Founder and Chief Product Officer of ZestyAI. “ZestyAI Roof Age is the most accurate, comprehensive product on the market. Our unique approach leverages the power of artificial intelligence to analyze both building permits and historical aerial imagery, providing unmatched confidence for insurance carriers in their underwriting and rating decisions.”
ZestyAI’s Roof Age solution is one part of a complete suite of ZestyAI products designed to evaluate roof-related risk. Other solutions in the suite include Digital Roof, which creates a digital twin of every structure in the US for unparalleled insights on condition, complexity, and potential points of failure, as well as highly specialized peril-specific risk models, such as Z-HAIL, Z-WIND, and Z-STORM.
About ZestyAI
ZestyAI is the leading property and climate risk platform for Property and Casualty (P&C) insurers in North America. The company has revolutionized the world’s understanding and management of property and climate perils by combining artificial intelligence with historical losses and cutting-edge data sources. Many leading insurers trust ZestyAI’s platform to identify risk and assess exposure, including the impact of catastrophic events like wildfires, hail, and wind storms. ZestyAI helps insurers make more informed underwriting decisions, rate fairly and accurately, and improve customer experience through actionable risk insights that both property owners and regulators trust.
For more information on how ZestyAI is revolutionizing risk management, visit www.zesty.ai.
SOURCE ZestyAI
