Maiden Re backs insurtech drone start-up – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Maiden Re backs insurtech drone start-up

First Prev 1 2 Next Last

Maiden Re has invested in an insurtech drone start-up.

The reinsurer is among a group of investors who have provided $2.05 million of funding to Betterview, a US company that uses software and services, including drones, to capture and analyse date for buildings and properties, which can be used by the property insurance industry.

The news comes as insurance adjusters are increasingly using drones and data captured by drones to assess damage and losses caused by Hurricane Harvey in Texas last month.

Founded in 2014, Betterview has a network of more than 4,400 drone operators around the world who have inspected thousands of buildings for insurance, real estate and construction industry customers.

The company uses computer software, including artificial intelligence, to process detailed imagery of properties that can be used to identify problems, assess damage and settle claims.

Colin Fitt, senior vice-president, corporate development at Maiden Re, part of Bermudian-based Maiden Holdings Ltd, said: “Maiden Re is very pleased to have participated in Betterview's latest fundraising round.

“Our ongoing strategic objective is to support emerging technology which provides operational, analytical, and competitive advantages to our clients. We believe that Betterview provides a compelling value proposition for our clients evolving needs,”

Tom Highet, president of Maiden Re North America, an affiliate of Maiden Re, said: “We believe the technology that Betterview is developing will be very beneficial to our customers from both a claims and underwriting standpoint. We are excited to be a part of this developing technology.”

The latest round of funding brings the total for Betterview to $3.65 million. It was founded by insurance and technology veterans David Lyman and David Tobias. The company uses drones and “a highly precise computer vision system” to identify problems with roofs, such as damage caused by hail or winds, loose wries, debris and waterponding. It also uses historical weather information, detailed measurements, assessor's data and other sources to detect and analyse property issues and potential issues.

In a statement, Mr Lyman and Mr Tobais wrote: “As the quality, speed and economics of drones continues to improve, we are seeing more insurers move from concept to real production use with drones.

“This latest round of financing will help us to capitalise on this momentum by expanding our existing artificial intelligence capabilities, accelerate product development and increase our adjusting, engineering & operations staff. We are excited to announce the closing of our latest fundraising round, and couldn't be happier to have Compound Venture Capital, Maiden Re, and our other investors on board.”

It was reported earlier this week that insurance adjusters are using drones in the region of Texas hit by Hurricane Harvey. US-based Travelers Insurance has 65 certified drone pilots and is using the technology to reduce the time it takes to assess damage in the area devastated by the storm.

View from above: an image from a drone investigating problems on the roof of a tower block. Maiden Re has invested in a drone start-up that provides information and data that can be used by insurers and reinsurers (Photograph supplied)
Looking for issues: in this picture, taken by a drone, roof damage and problem issues have been digitally tagged using an artificial intelligence programme. Maiden Re has invested in Betterview, a drone insurtech start-up that provides information and data that can be used by insurers and reinsurers (Photograph supplied)

You must be Registered or to post comment or to vote.

Published September 06, 2017 at 9:00 am (Updated September 05, 2017 at 10:02 pm)

Maiden Re backs insurtech drone start-up

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon