Betterview, which offers predictive analytics for the property insurance market, will supply Nationwide with its technology as part of a three-year commercial agreement.
Nationwide can made use of Betterview’s predictive roof analytics and risk management platform for property renewals.
Betterview leverages predictive analytics and property risk management to give insurers better insights for quoting. Its PropertyProfile solution uses aerial imagery to determine the condition of roofs and the risks of potential claims.
Nationwide senior vice president of commercial lines Eric Smith said, “Nationwide recognized the potential of Betterview’s insights around roof imagery and the data stream that flows from their machine learning platform, which is why we made our initial investment last year.
“This three-year agreement will enable us to add Betterview’s predictive analytics into our underwriting operations. Going forward, we’ll be able to leverage our underwriting expertise and talent where it is needed most – on higher-value, more complex accounts.”
Nationwide first engaged with Betterview in 2018 when it made a strategic investment into the InsurTech. It later followed up with the company, participating in its $4.5m Series A round which closed in May 2019.
Capital from the investment is earmarked for hiring staff in its data science team.
Nationwide has been making a number of investments into InsurTechs over the past year. It recently deployed capital into VitusVet, a solution designed to improve communications between pet owners and vets.
Earlier in the year, Betterview was listed in the second annual InsurTech 100, one of the few companies to make the list two years in a row.
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