Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies, has launched a Catastrophe Response System (CAT-RS) which it said will solve many of the greatest challenges insurers face when responding to natural catastrophe events such as hurricanes, wildfires, and more.
The InsurTech said with existing tools, which focus on regional hazard data and modelling instead or property-level analytics, claims teams only get broad, inaccurate loss predictions on natural catastrophe events. The company added that claims response teams also struggle to get people on the ground to damaged properties in a timely manner, leading to inefficient and slow responses.
According to Betterview, insurers must respond “proactively, rapidly, and accurately” to minimise the impact of natural catastrophes and to help policyholders recover.
Its CAT-RS leverages a combination of machine learning (ML), high-quality aerial imagery, and third-party data, CAT-RS shows CAT impact in near real-time, accurately predicts which properties and structures are most likely to be impacted based on conditions and characteristics prior to the event, and allows rapid visual verification of actual property damages post-event.
Jason Janofsky, VP of engineering at Betterview, said, “Our system tells insurers everything they need to know about CAT impact, before, during, and after the event. We use trusted public and private data to pull in the latest projection of CAT events and to quantify the potential losses based on the estimated replacement cost of each structure.
“Following the event, we utilize aerial imagery that is available within 24-48 hours from the most reputable, comprehensive aerial map providers in the world, together with our proprietary computer vision and new damage classifiers to analyse damages. This allows us to more accurately and promptly predict actual losses and help insurers reduce claims cycle time.”
Betterview recently partnered with core system provider OneShield Software, to enable critical property intelligence and risk management solutions from the Betterview Platform become available to insurer clients within the user interface (UI) for the OneShield suite of products, including solutions for policy, billing, and claims.
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