Insurance data company Betterview has partnered with management consulting firm Synpulse to accelerate P&C underwriting.
Synpulse will provide consulting and implementation services for Betterview’s API in the US. Following the deal, Synpulse can pre-fill Beterview’s predictive roof score and characteristics into in-house or third-party systems like Loss Control 360 or Guidewire, helping insurers to accelerate their underwriting.
Betterview COO and co-founder Dave Tobias said, “In order to accelerate the underwriting cycle, it’s vital to have as much relevant information as possible in the early stages of underwriting.
“The combination of Betterview’s predictive analytics, along with Synpulse’s expertise in embedding data into in-house and third-party underwriting systems, will allow insurance underwriting teams to improve decision making by quickly approving, denying, or identifying policies that need a closer look.”
Betterview offers clients with insights to improve their insurance quoting. The company offers a PropertyProfile which uses aerial imagery to determine the condition of roofs and the risk of potential claims.
Synpulse works with insurance carriers across the value chain from the development of strategies and their operational realization through to technical implementation.
Synpulse manager Marc Kirchhofer said, “After spending time with the Betterview team and reviewing their predictive analytics for commercial and residential buildings and roofs, we saw first-hand how their solution could generate value throughout the entire underwriting chain.
“In a recent survey of global risk engineering executives that we conducted, expedited risk assessment through a third-party data integration ranked second in importance. One of the more challenging data pre-fill elements has always been roof information, which until now required boots on the ground inspections, reviewing aerial imagery manually, or asking customers about their roofs.”
Earlier in the year, Betterview closed its Series A round on $4.5m to support the growth of its data science team. The funds were supplied by ManchesterStory, Nationwide Ventuers, EMC Insurance, Maiden Re, and Compound.
The InsurTech recently formed a commercial partnership with EMC Insurance to drive its commercial property activities.
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