Under a new partnership, InsurTech and drone start-up Betterview is to provide property data and analytics to Conifer Insurance Company’s commercial lines underwriting team, assisting in the underwriting evaluation process.
Property Profile was launched in August 2018 and leverages artificial intelligence (AI) to analyse both manned aircraft and satellite imagery of individual risks. The AI factors in historical weather and other data sources to check roof conditions, as well as other characteristics that are needed to evaluate the risk of future insurance losses.
Nick Petcoff, President of Conifer Insurance, said: “We are always evaluating opportunities in the InsurTech space, especially if they can help us to mitigate risk or enhance our customer and agent relationships. One of the things that stuck out to us initially about Betterview was the commercial lines loss control experience of its Co-Founder Dave Tobias.
“This experience translated well during our proof of concept (POC) as Property Profile validated assumptions we already suspected about potential risk exposure in our book of business. We were very impressed with the final results of our POC and felt Property Profile’s unbiased analysis would be an effective communication tool when talking to insureds and agents about individual building and property risks.”
Clients access Betterview’s property data and analytics via API, its Guidewire PolicyCentre integration, or via the platform by searching for an address or uploading a CSV file. Clients can also take a closer look by ordering a drone inspection.
Betterview’s Chief Executive Officer (CEO) and Co-Founder, David Lyman, added: “One of the biggest challenges for commercial lines insurers is getting accurate and actionable roof data on commercial buildings.
“While personal lines insurers are mainly dealing two or three different roof types, commercial lines insurers are typically dealing with six or seven roof types, such as black EPDM, white TPO, PVC, modified bitumen, SPF, etc. We have invested thousands of hours training our machine learning platform over the last few years to accurately detect issues on various types of roof materials.
“We are extremely proud that all of our hard work has paid off by having Conifer Insurance select Property Profile as a tool to help them proactively mitigate roof claims and communicate roof issues to their agents and customers.”