Betterview Adds Wildfire Risk Insights to Platform
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Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurance companies, has announced 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.
The new feature aims to address the increasing severity and frequency of wildfire events increasing, which create challenges for existing insurance products. Most existing products fail to consider each property’s unique condition, instead focusing on regional peril risk exclusively, a Betterview statement notes. Without a complete picture of wildfire risk, insurers cannot make precise underwriting decisions. However, Betterview says that, 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), its technology 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, according to the vendor statement.
“Our solution combines the two main factors contributing to wildfire risk,” comments Jason Janofsky, CTO and VP of Engineering, 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.”
Enabling Insurers to be Partners in Managing Risk
Betterview asserts that its Wildfire Risk Insights enable property/casualty 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,” the Betterview statement adds. “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,” comments 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.”
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