Farmers Insurance will use artificial intelligence to size up an individual property’s risk of wildfire losses and offer coverage to about 30,000 California residents in fire-prone areas
Thousands of California residents who only can buy homeowners policies through the state’s last-resort insurance program will now be eligible for Farmers Insurance coverage.
Farmers’ ability to offer insurance is related to a partnership with the startup Zesty.ai, which will enable Farmers to use artificial intelligence incorporating high-resolution aerial imagery, building-material and code data and location details to size up instantly an individual property’s risk of wildfire losses, said Attila Toth, founder and chief executive of Zesty.ai.
Farmers expects to add about 30,000 policyholders over the next year through the technology. The insurer is one of the state’s largest carriers, with more than 1.5 million California residential policyholders.susceptible to wildfires, sending homeowners to the California FAIR Plan for their coverage.
Farmers will continue to use a longtime model that assesses the wildfire risk of the geographic area around a property, said Keith Daly, president of personal lines for Farmers. By adding Zesty.ai’s technology, the insurer will be able to take a more targeted approach, he said. While a particular area might have a higher risk of fire, a property within that area might not have the same level of risk.
“We are trying to create a solution” for homeowners who are struggling to buy insurance, Mr. Daly said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | BP Considers Spinning Off Iraq OperationsBP is working on a plan to spin off its operations in Iraq into a stand-alone company, according to people familiar with the matter, as the oil giant pivots toward lower-carbon energy
Read more »
WSJ News Exclusive | Biden Administration to Give Hospitals More Time to Spend Covid-19 Relief MoneyThe Biden administration plans to give some healthcare providers more time to spend emergency coronavirus money, after hospitals and lawmakers asked for an extension
Read more »
WSJ News Exclusive | Spotify Eyes Top Podcaster Alexandra Cooper, ‘Call Her Daddy’ Show for $20 MillionSpotify is nearing a deal to bring the podcast “Call Her Daddy” to the streaming service in an exclusive licensing deal that could be valued at about $20 million, people familiar with the matter say
Read more »
WSJ News Exclusive | Hedge-Fund Manager Who ‘Came Undone’ Is Headed to PrisonDan Kamensky broke bankruptcy laws in an angry text and phone calls over a few hours in a long-running fight over the assets of struggling retailer Neiman Marcus.
Read more »
WSJ News Exclusive | Music Publishers Sue Roblox for Letting Game Creators Use Unlicensed SongsA group of music publishers representing songwriters for Ed Sheeran, Ariana Grande and the Rolling Stones is suing videogame company Roblox for copyright infringement, alleging it used their music without permission or payment
Read more »
WSJ News Exclusive | AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock TradersHedge fund Mudrick Capital was making money on AMC. Then it angered meme-stock traders—and its flagship fund lost 10% in just a few days.
Read more »