Betterview, an InsurTech that provides property risk intelligence, has launched an AI-powered roof age solution to support property and casualty (P&C) insurers.
Betterview is a provider of actionable intelligence to property and casualty (P&C) insurance companies.
The company’s new solution uses artificial intelligence (AI) and computer vision to analyse high-resolution aerial imagery, enabling precise determination of roof age data.
According to Betterview, roof age data has always been critical for insurers in risk assessment and policy decision-making. Older roofs are closely linked with an array of different risk factors including structural failures, damage from hazards like wind and hail, and a higher likelihood of a complete collapse.
As inaccurate roof age leads to over $1bn in premium leakage every year, this new product was created to supplement and validate historically unreliable roof age data.
Betterview said this will enable insurers to accelerate quoting, prevent avoidable losses, properly price policies and prioritise inspections for properties with older roofs to better manage and mitigate risk.
Although roof age is an invaluable data point when making policy decisions, many insurers are forced to use outdated data.
Jason Janofsky, chief technology officer at Betterview, said, “Traditional roof age estimates tend to come from two sources. The first is homeowner-supplied roof age (HOSRA), which is generally underestimated by five to even fifteen years. The other source is permit data, which again gives an incomplete and outdated picture of roof age. Insurers need a reliable source and we decided there needed to be a better way.”
Betterview co-founder and chief operations officer Dave Tobias, added, “Roof age has a huge impact on potential future losses. Our new solution is unique in the industry and is a great supplement to existing data. We are confident that more accurate roof age data will boost efficiency for underwriting and pricing workflows, reduce premium leakage, and even help to avoid some future losses.”
Betterview partnered with Carpe Data, the next-generation online data provider for insurers to power faster policy decisions.
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