OAKLAND, CA / ACCESSWIRE / February 11, 2020 / Zesty.ai announces the opening of Zesty.ai Lab in Montréal, Canada. The newly established data science centre of excellence will focus on research and development of new artificial intelligence (AI) technologies for the insurance industry.
With this investment, Zesty.ai will accelerate digital transformation in the property & casualty insurance industry using powerful data and cutting-edge AI technologies. Under the leadership of Bryan M. Minor, Ph.D., an executive with more than two decades of experience in AI, Zesty.ai lab will develop new risk insights for data-driven underwriting, rating, and digital consumer and agent experiences.
The increased frequency of natural disasters, such as floods, wildfires and storms among others, now affect more than 160 million people around the globe every year. Those impacts are felt by both consumers and the insurance industry. Zesty.ai is pioneering technology to bring decades old understanding of catastrophe risk into the modern era using AI and more than 130 billion data points. To date, the company has partnered with leading insurance carriers, reinsurers and MGAs in catastrophe risk assessment, property insights, and property condition monitoring.
Zesty.ai Lab serves as a cornerstone for the company's AI development. By choosing Montréal, the emerging AI hub in North America, Zesty.ai is well positioned to attract local talent in computer vision and data science, which is both plentiful and of high quality in the city. The research centre, under the leadership of Dr. Minor, will build a sizable team of data scientists with the unique skill sets that are required for the digital transformation of the insurance industry.
"Bryan's deep experience in data science makes him the ideal executive to lead Zesty.ai Lab. His hands-on experience in building data-intensive products and proven track record in rapidly scaling talented teams in AI is a rare combination," said Michael Ulin, Head of Machine Learning at Zesty.ai.
"We're in an incredible position to create risk insights that have never before been available to the insurance industry and to the communities impacted by disasters. AI is quickly changing the way we understand the world around us and there is no doubt that Montréal will be at the forefront of that change," added Bryan M. Minor, Head of Zesty.ai Lab. "In partnership with Montréal International, Investissement Québec, and the support of our colleagues in Silicon Valley, Zesty.ai Lab is set to scale up quickly and build cutting-edge risk assessment products powered by AI."
"We welcome Zesty.ai's decision to set up its brand new lab in Montréal. Thanks to its university network and world-class research community, the reputation of Montréal's AI ecosystem is well established now. With its enviable quality of life, Montréal has the ability to attract the best international talent and support the growth of activities that will have a significant impact on our lives," said Luc Rabouin, responsible for economic and commercial development for the City of Montréal's Executive Committee.
"The Montréal AI ecosystem is still growing. More and more investors are settling here to develop new technologies which can then be applied by Québec's companies, all sectors combined," said Stéphane Paquet, President and CEO of Montréal International, the economic promotion agency for Greater Montréal. "There's a sense of kinship between the ecosystems of California and Montréal. In 2019, we supported 12 Californian companies; it's the American state we work the most with."
"We welcome Zesty.ai's decision to open a facility here in Québec, a move that speaks to the strength and expertise of Montréal's artificial intelligence ecosystem. The industry is booming, and the depth of its talent pool makes it fertile ground for any company interested in investing here. We are proud to have played a role in showcasing the Montréal and Québec advantage for this key player in artificial intelligence for organizational applications," said Hubert Bolduc, President of Investissement Québec International.
Zesty.ai is the leading partner for property & casualty insurance companies embarking on digital transformation. The company harnesses the power of artificial intelligence on cutting-edge data sources including aerial imagery to model risk to real property. Zesty.ai leverages predictive algorithms on 130+Bn data points to understand the potential impact of natural catastrophes on individual properties with unprecedented accuracy. Insurance companies rely on these property risk insights to make smart marketing, underwriting and rating decisions. For more information, visit https://zesty.ai
About Montréal International (www.montrealinternational.com)
Created in 1996, Montréal International (MI) is a non-profit organization funded by the private sector, the governments of Québec and Canada, the Montréal Metropolitan Community and the City of Montréal. MI's mandate is to attract and retain foreign investment (companies and start-ups), international organizations, skilled workers and international students by offering them support services tailored to their needs.
About Investissement Québec (www.investquebec.com/quebec)
The mission of Investissement Québec is to participate actively in Québec's economic development by stimulating business innovation, entrepreneurship and the growth of exports and investment in every region of Québec. The Corporation provides enterprises and entrepreneurs with support services, including technology-based measures, as well as adapted financial solutions and investments. Through its Investissement Québec International division, the Corporation assists enterprises with exports and prospects for foreign investments.
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