Betterview, an AI-powered data platform, has formed a partnership with Conifer Insurance Company, to support underwriting.
Through the deal, Betterview will supply Conifer with its data and analytic tools to support the underwriting team and the underwriting evaluation process.
Betterview’s InsurTech solution allows clients to get accurate insurance quotes using an instant API. Last year, the company launched its Property Profile platform, which uses aerial imagery, alongside other data sources like historical weather, to determine the condition of roofs and the risk of potential insurance claims and other characteristics necessary to evaluate the risk of future losses.
Companies like Conifer can access the Betterview solution through an API or via the web platform. Clients are also able to order a drone inspection.
Conifer Insurance president Nick Petcoff said, “One of the things that stuck out to us initially about Betterview was the commercial lines loss control experience of its Co-Founder Dave Tobias. This experience translated well during our proof of concept (POC) as Property Profile validated assumptions we already suspected about potential risk exposure in our book of business.
“We were very impressed with the final results of our POC and felt Property Profile’s unbiased analysis would be an effective communication tool when talking to insureds and agents about individual building and property risks.”
Late last year, Betterview received an investment from Silicon Valley-based VC Plug and Play Ventures. The funding was raised to support the growth of its AI capabilities, imagery sources, and data and analytic capabilities.
Betterview CEO and co-founder David Lyman said, “One of the biggest challenges for commercial lines insurers is getting accurate and actionable roof data on commercial buildings.
“While personal lines insurers are mainly dealing two or three different roof types, commercial lines insurers are typically dealing with six or seven roof types, such as black EPDM, white TPO, PVC, modified bitumen, SPF, etc. We have invested thousands of hours training our machine learning platform over the last few years to accurately detect issues on various types of roof materials.”
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