Midwest Family Mutual Insurance Company, a provider of coverage across 24 states in the US for over 100 years, has selected InsurTech Betterview to better analyse risk.
Betterview is a provider of actionable intelligence to property and casualty (P&C) insurance companies.
The company aims to empower insurers to leverage automated pricing, underwriting and renewal, whilst focusing strategic action on critical properties. The InsurTech advocates for a predict and prevent approach as opposed to the traditional repair and replace approach.
Betterview said that one of the biggest challenges facing mutual insurers in recent years is worsening loss ratios due to roof-related losses, especially in Midwestern states.
Understanding roof condition is crucial to determining overall property risk, but physical inspections often fail to deliver a comprehensive view. To improve their own loss ratio, Midwest Family needed a toolset that enabled them to analyze real risk drivers and subsequently take immediate, strategic policy action.
Mike Carey, vice president of underwriting at Midwest Family, said, “The Betterview Property Intelligence Platform fulfills all of these requirements. Betterview gives us a complete and actionable picture of every property in our book. This will empower our underwriters to work more efficiently and price risk more appropriately, and prevent future losses while simultaneously improving our expense ratio.
“We are also excited to use Betterview’s unique combination of aerial imagery and computer vision to respond more rapidly to catastrophic (CAT) events and everyday losses, and to detect fraudulent claims before they are paid.”
David Tobias, co-founder and chief operations officer at Betterview, added, “Insurers are facing the same problems as ever – premium leakage, lack of visibility, fraudulent claims – but now they have access to a whole new category of smart, data-informed tools to solve them. We call these tools collectively ‘property intelligence,’ and we are proud that they are going to allow insurers to boost efficiency, predict and prevent losses, and build a stronger customer experience.”
Earlier this year, Southern Trust Insurance, a provider of coverage across the Southeast of the US for over 50 years, selected Betterview’s Property Intelligence & Risk Management Platform to reduce expenses and drive down avoidable losses.
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