Utica First Insurance Company has selected Betterview, an InsurTech in the property intelligence to property and casualty (P&C) industry, to improve underwriting efficiency, increase profitability, and reduce loss adjustment expenses.
Founded in Utica, New York in 1903, Utica First writes homeowners, landlord package, restaurant and tavern program, artisan contractor, and business owner policies (BOP).
Betterview said its property intelligence platform streamlines underwriting workflows, prevents future losses, and helps P&C insurance company clients build a more effective, transparent customer experience. The platform, which includes the integrated Property Insight tool, the Roof Spotlight Index, and a recently announced Defensible Space feature, is powered by a combination of cutting-edge technology, including proprietary machine learning (ML) algorithms and a wide selection of public, private, and commercial property data.
The company said its platform gives underwriters a holistic view of real property risk, empowering them to take immediate, decisive action on every covered property.
Utica First said its choice to maintain a narrow focus instead of trying to be “everything to everyone,” has enabled faster growth and greater profitability over the years, and the company actively incorporates new technologies and partners in order to maximize operating efficiency, speed-to-market, and fair rates to policyholders.
Shawn Kain, chief underwriting officer at Utica First, said, “We selected Betterview and the Property Intelligence Platform to help our underwriters gain a better understanding of risk on every policy by analysing insured properties from a high resolution aerial imagery perspective which reveals potential exposures that traditional physical property inspections simply don’t discover.
“Not only will we write better policies with the data we get through Betterview, but we will also maximize our efficiency and drive down expenses. The ultimate goal is to predict and prevent losses. Betterview represents a major step in achieving that goal.”
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