Betterview Launches Hurricane Risk Insights
(Image source: Betterview.)
Betterview, an InsurTech provider of actionable property intelligence to insurers, has announced the addition of Hurricane Risk Insights to the Betterview Property Intelligence & Risk Management Platform.
Betterview recently introduced Wildfire Risk Insights and characterizes the addition of Hurricane Risk Insights capability as an intuitive next addition to the Betterview platform, particularly in light of the National Oceanic and Atmospheric Administration (NOAA) predicting an “above-normal” 2022 hurricane season for the seventh consecutive year.
“Faced with the potential of devastating losses, many insurers are simply canceling policies en masse, or even ending business in certain states,” comments David Tobias, co-founder and COO, Betterview. “At Betterview, we don’t believe either of those strategies is sustainable. We need to get ahead of the risk and understand it thoroughly so that we can predict and prevent the losses. Our goal for Hurricane Risk Insights is to turn agents and underwriters into heroes for the insured, making homes and businesses more hurricane resilient and climate ready.”
Betterview says Hurricane Risk Insights empowers property/casualty insurers to understand hurricane risk in an easy, transparent way through an intuitive, single-screen user interface (UI) which shows the granular property conditions. Similar to Betterview’s Wildfire Risk Insights, the new Hurricane Risk Insights tool looks at both regional hazard and property-specific vulnerability to provide a complete picture of hurricane risk. This results in insurers being able to communicate better with agents and policyholders, proactively recommending risk mitigation steps, such as clearing vegetation and replacing aging roof materials, according to the vendor.
Computer Vision Technology
“Traditional solutions for hurricane risk tend to only focus on the likelihood of a storm occurring in a general area, aka hazard,” said Jason Janofsky, CTO, Betterview. “Our platform does feature highly accurate hazard data from our third-party partners and public data, such as HazardHub, True Flood Risk, and the Federal Emergency Management Agency (FEMA). However, we also use our computer vision technology to evaluate the vulnerability of each property, considering factors such as roof conditions, defensible space, and more. This returns a Hurricane Vulnerability Score which insurers can use along with the hazard data to make confident underwriting decisions quickly.”
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