Plug and Play, a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups, has revealed plans to invest in Betterview, an InsurTech and drone start-up firm backed by Munich Re and Maiden Re.
Betterview said that it plans to use the funding to expand its artificial intelligence (AI) capabilities to new imagery sources, as well as enhance its property data and analytics platform.
Plug and Play currently has over 70 corporate partners in its InsurTech program, including AIG, AXIS Capital, EMC, Guidewire, Maiden Re and Nationwide.
“Our relationship with Betterview goes back to 2016 when they were selected out of 800 startups to be part of our inaugural Insurtech batch,” said Gijs Dutry van Haeften, Senior Associate at Plug and Play Ventures.
“We see a lot of value in the way Betterview has been able to leverage their extensive aerial imagery analysis capabilities and combine them with external data sources to tackle underwriting and loss control in a cost-effective manner,” Dutry van Haeften continued.
“Furthermore, recent integrations with systems suppliers such as Guidewire that position Betterview as a full-service workflow management tool are a further testament to the platform that they have built. We believe this combination of tools together with the market need for better building and property data in the Property and Casualty space gives rise to a particularly exciting opportunity.”
Betterview recently announced release of Property Profile, a solution that uses satellite imagery and historical weather data in combination with its 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 firm has also developed an integration accelerator for Guidewire PolicyCenter, which enables underwriters to request and access property data and inspections from within PolicyCenter.
“Our relationship with Plug and Play has been extremely helpful over the past few years,” said David Lyman, Co-Founder & Chief Executive Officer (CEO) at Betterview. “We are looking forward to leveraging Plug and Play’s expertise, funding and relationships so we may expand our artificial intelligence capabilities, build out our partner ecosystem and add more functionality to our platform.”
“Our goal is to provide data that allows P&C insurers to take specific actions (e.g. change roof from rcv to acv, order loss control inspection, increase deductible, etc) throughout the insurance lifecycle, from quoting all the way through claims and catastrophe response,” Lyman explained.