Betterview, an insurance technology and drone start-up firm that is backed by Munich Re and Maiden Re, has launched a new product that uses artificial intelligence (AI) to analyse the characteristics and risks of a property and its roof, called Property Profile.
Property Profile uses satellite imagery and historical weather data in combination with Betterview’s existing machine learning and drone imagery approaches to determine the condition and characteristics of a roof and calculate the risk of future insurance claims.
The company asserts that Property Profile will provide more accurate quotes that convert at a higher rate, allow for faster underwriting assessments, and reduce costs by allowing property claims to be investigated before inspectors or adjusters are sent onsite.
Additionally, Betterview believes the product will increase modelling accuracy by factoring in secondary roof characteristics alongside assessor’s data, and will allow re/insurers to analyse portfolios post-catastrophe and identify which policies are ‘full’, ‘partial’, and ‘no loss’.
“Our goal is to make every building and property thoroughly understood,” said David Lyman, Co-Founder of Betterview. “With artificial intelligence, we can now analyze raw data sources like aerial and satellite imagery and derive new data and insights from them, allowing insurers to find the right coverages and pricing for their clients.”
Property Profile will utilise data points such as property characteristics, historical weather, natural hazard risk, historical imagery, and will use computer vision technology to automatically detect features like roof shape and material, tree overhang, ponding, rust, and damage,
“Over the last year, as demand for our drone inspections and reporting increased, many of our customers started asking us if we could help them to triage their drone inspections,” explained Dave Tobias, Co-Founder of Betterview.
“When we created Property Profile, its original use case was to help our users to identify policies that should be inspected by a drone. After testing it with our customers, we started hearing about the value it could deliver throughout an organization. With this feedback we enhanced Property Profile by returning additional data sources, allowing for personal & commercial lines insurers to incorporate this information into their front-end and back-end workflows.”
Rooney Gleason, President, Argo Insurance – US Grocery & Retail, which currently uses the Property Profile solution, added: “Betterview’s Property Profile helped us to uncover significant roof problems at multiple store locations that our customers were not aware of. This allowed them to address these issues with their landlord, or directly if they are the owner of the building, to reduce the likelihood of a roof related property and/or liability claim.”
In September 2017, reinsurer Maiden Re led a $2.05 million Series Seed round of investments for Betterview, and more recently Munich Re entered into a partnership with the start-up, agreeing to refer all relevant clients to the service.