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Maiden invests again in insurtech drone firm

Insurtech and artificial intelligence start-up Betterview has attracted a further $4.5 million of investment, including further support from Bermudian-based reinsurer Maiden Re.

The latest round of funding brings the US company's total to $10 million since it was founded five years ago.

Betterview uses technology, including drones and AI, to capture and analyse data for buildings and properties, which can be used by the property insurance industry.

Last year it launched its risk management platform, which leverages machine learning, computer vision and geospatial data to deliver data, analysis and insights on commercial and residential properties throughout the US.

The latest round of funding was led by venture capital firm ManchesterStory, whose managing partner Dave Miles, said: “With over 70 million commercial and residential properties in the United States, insurers need to aggregate dozens of structured and unstructured data sources in order to gain a better understanding of these properties.

“Betterview addresses a significant need for P&C insurers through its proprietary application of machine learning and computer vision to generate actionable information, so insurers can quickly and more accurately assess and price risk, creating a better experience for their customers.”

Mr Miles has joined the board of Betterview, as has Brian Desmond, CMO of Guideware Software.

Mr Desmond said: “Betterview's mission, value proposition, and momentum situate the company well as P&C insurers increasingly seek to work with Insurtechs that add demonstrable value throughout the life cycle. I look forward to doing my part to help the team realise that potential.”

Betterview's property data is accessible both via API [application programme interface] and UI [user interface].

The company said its risk scoring has been proven to be highly correlated to property losses so that carriers can seamlessly disqualify properties that do not meet their standards, fast-track ones that exceed their standards, and manage risk around the ones that fall in between.

It said its “robust UI empowers underwriters to dig in deeper into imagery and other data about a property when needed.”

San Francisco-based Betterview was founded by technology and insurance entrepreneurs David Lyman and Dave Tobias. Other participants in its $4.5 million series A funding were Nationwide Ventures, EMC Insurance and Compound.

Betterview has a website at www.betterview.net

Eye in the sky: Betterview uses technology, including drones, to assess buildings and properties and give a risk scoring that can be used by insurance companies when managing the risk exposure on property insurance policies (Photograph by Betterview)

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Published May 29, 2019 at 9:00 am (Updated May 28, 2019 at 8:50 pm)

Maiden invests again in insurtech drone firm

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