Betterview Adds Wildfire Risk Insights to Platform
SAN FRANCISCO, April 28, 2022 (GLOBE NEWSWIRE) -- Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies, is pleased to announce the addition of Wildfire Risk Insights to the Betterview Property Intelligence & Risk Management Platform, including a property-level Wildfire Vulnerability Score and third-party regional hazard data.
With the severity and frequency of wildfire events increasing, existing products cannot handle the elevated risk. Most existing products fail to consider each property’s unique condition, instead focusing on regional peril risk exclusively. Without a complete picture of wildfire risk, insurers cannot make precise underwriting decisions. Using a combination of cutting-edge technology, including proprietary machine learning (ML) algorithms and a wide selection of public, private, and commercial property data, and an intuitive, single-screen user interface (UI), Betterview helps insurers move from a reactive, repair and replace mentality to a more proactive, predict and prevent strategy. Wildfire Risk Insights seamlessly aligns with this focus on predict and prevent by delivering an evolved approach to wildfire risk management.
“Our solution combines the two main factors contributing to wildfire risk,” said Jason Janofsky, CTO and VP of Engineering at Betterview. “Those two factors are regional peril, which is pulled from our network of third-party data providers, including RedZone and HazardHub; and property-specific vulnerability insights, drawn from our computer vision models and predictive analytics, which return a Wildfire Vulnerability Score. Together, this data provides a full picture of wildfire risk on which insurers can take immediate, strategic action to protect homes and businesses.”
Betterview’s Wildfire Risk Insights enable P&C insurer clients to play more of a trusted partner role in managing risk for insureds. This new tool empowers insurers to more confidently assess a property’s exact level of wildfire risk and the factors contributing to it, before recommending steps which will help mitigate the risk proactively. This ultimately results in insurers being able to write more policies in wildfire-prone areas without compromising on loss ratios.
“Every tool on our platform is designed to analyze risk and prevent losses,” said David Lyman, co-founder and CEO of Betterview. “Improving the combined ratio is obviously a huge advantage to this approach, but it goes beyond that, turning agents and underwriters into heroes for the insured, and saving policyholders from potentially catastrophic losses. If we can in any way mitigate some of the human suffering caused by wildfires and other disasters, then we will have done our job.”
About Betterview Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. For more information, please visit www.betterview.com.
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