Betterview Provides Property-Level Analytics for Fast, Accurate Catastrophe Events Response
With existing tools that focus on regional hazard data and modeling instead of property-level analytics, claims teams often only get broad, inaccurate loss predictions on CAT events. Claims response teams also typically struggle to deploy boots-on-the-ground to damaged properties in a timely manner. These challenges naturally lead to inefficient claims processes and slow post-event response.
In order to minimize the impact of a CAT event and to help policyholders recover from tragedy faster and easier, insurers must respond proactively, rapidly, and accurately. Leveraging a combination of machine learning (ML), high-quality aerial imagery, and third-party data, CAT-RS shows CAT impact in near real-time, accurately predicts which properties and structures are most likely to be impacted based on conditions and characteristics prior to the event, and allows rapid visual verification of actual property damages post-event. These empower claims teams to:
- Allocate CAT resources more effectively: Strategically stage claims response teams in areas with a high number of predicted-damage properties, before damage happens. Then after the damages, triage the impacted policies and prioritize resources for properties with great damage or complex claims.
- Keep good communication and help customers recover from tragedy faster and easier: Proactively jump-start the claims process even before the first notice of loss (FNOL), without the need for costly boots-on-the-ground.
- More accurately predict claims losses in near-real-time and cut loss-adjustment expenses (LAE): Automatic damage detections of the whole book of business allow for a more accurate and immediate understanding of real damages and losses, for instant financial planning. A more accurate budget and reserve enable faster claims payments and settlements, which leads to lower LAE.
“Our system tells insurers everything they need to know about CAT impact, before, during, and after the event,” said
Betterview’s new CAT-RS empowers insurers to evolve from a slow and reactive catastrophe response approach to a fast and proactive approach with their customers at the center. The system optimizes the efficiency of claims processes, and most importantly, it will allow claims teams to proactively help homeowners, business owners, and communities who desperately need the resources to recover from devastation quickly.
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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Source: Betterview
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