Centauri Insurance, a provider of property and casualty insurance products, has partnered with insurtech company Betterview, for proactive storm risk management.
According to the announcement, this collaboration will increase efficiency and oversight in new business underwriting and renewal workflows, while empowering a proactive approach to storm risk management.
Centauri provides its P&C insurance products across eight states, with policyholders primarily located in southern coastal areas, from South Carolina to Texas, including Florida and Louisiana, who have a special interest in identifying and managing convective storm and hurricane risk.
This was a major factor that led the company to choose Betterview, according to Bob Courtemanche, chief executive officer at Centauri.
He commented: “We knew that boots-on-the-ground inspections alone were insufficient to predict how storms impact our properties. “We needed to find a way to rapidly view real property conditions and get a more accurate assessment of our true risk.
“Other property intelligence providers couldn’t give us the comprehensive detail we needed – but the AI-powered detections, workflow management tools and continuous monitoring capabilities on the Betterview platform enabled us to better manage and understand our book of business in real time.”
Betterview’s chief technology officer, Jason Janofsky, believes the company is uniquely situated to respond to the demands of increasingly unpredictable storm patterns.
“With the recent advances in machine learning models, you can get a highly granular view of property risk. You can see not just a blanket score, but the exact property condition attributes – missing shingles, or the age of a roof, for example – that make the property more vulnerable, Janofsky added.
“This is great not just for new business, but also when renewing policies that may not have been inspected in several years. With a more accurate view of risk, you can rapidly make policy decisions, and even work together with the insured to proactively mitigate risk.”
As hurricanes and other storm events worsen due to the impact of climate change, many companies in the insurance market have partnered with insurtech companies like Betterview to improve their risk selection. One of the latest ones being Carpe Data, whose partnership with the insurtech aims to provide business occupancy data to P&C insurers.