Betterview, an InsurTech that provides property risk intelligence, has partnered with True Flood Risk to give insurers an actionable view of flood risk.
Betterview is a provider of actionable intelligence to property and casualty (P&C) insurance companies.
True Flood Risk was founded by Shelly Klose in 2017, inspired by her experience with Hurricane Sandy in New Jersey in 2012. Klose was curious why some houses in her neighbourhood experienced significant flood damage during the storm while others remained relatively unscathed.
This curiosity led her to develop a patented technology for estimating first floor height (FFH) of properties, a key indicator for flood risk. This solution formed the foundation for what has quickly become a leading global AI-driven risk management platform, pioneering the next generation of geolocation intelligence for flood risk.
Data from True Flood Risk is now available on Partnerhub, the marketplace for third-party data within the Betterview Property Intelligence & Risk Management Platform.
Klose said that the partnership will not only make the company’s data more accessible to a wide range of insurance companies, but will also enhance its solutions and combine them with data from Betterview. In this way, insurers can synthesise datasets and tools from many different companies, giving them a complete and actionable view of flood risk in a single, easy-to-use interface.
Armin Monajemi, vice president of strategic partnerships at Betterview, said, “There are a lot of other flood scores in this industry, but True Flood Risk is the only company I know of that delivers a reliable estimation of FFH for nearly every property in an insurer’s book of business.
“Shelly and her team looked at the gaps that existed for flood intelligence and developed an innovative technology to fill in those gaps. This is exactly in line with our own mission at Betterview, and we are proud to be partnering with such a forward-looking company. For both underwriting and claims use cases, the partnership between our two companies is going to be a great benefit for insurers.”
Earlier this year, Betterview closed a round of funding led by existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE, and ManchesterStory.
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