Betterview, an InsurTech that provides property risk intelligence, has closed a round of funding.
The round was led by existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE, and ManchesterStory.
Betterview is a provider of actionable intelligence to property and casualty (P&C) insurance companies.
According to Betterview, the investment follows an exceptional 2022, during which Betterview achieved “phenomenal customer growth”, with 68 active insurers on the platform, and nearly doubled revenue despite a difficult macroeconomic environment.
The property intelligence InsurTech also increased its strategic partnerships with geospatial and property intelligence providers, including HazardHub (from Guidewire), e2Value, Canopy Weather, Redzone, Iceye, and JMI Reports, expanding the Betterview PartnerHub ecosystem to 37 companies.
The funding will help the company continue growth, support the company’s path to profitability in 2023, and provide customers with new and enhanced products and features. Recent enhancements include launching specialised risk insights for event-specific perils and a CAT-Response System, empowering insurers’ rapid and proactive response to severe weather events.
The terms of the round of funding were not disclosed.
Brian Anderson, partner at Nationwide, said, “Having been investors since 2017, we continue to be impressed with how the company is pushing the boundaries of technology and innovation in the property intelligence and risk management space.”
David Tobias, co-founder and chief operating officer, added, “Beyond this additional financial commitment, the investment aligns us tighter with our strategic partners in the round who share our mission to predict and prevent real property losses, improve operational efficiency for insurers, and build a better customer experience.”
Earlier this month, Betterview partnered with Plnar, an AI-powered virtual inspection software for the property insurance market. The company was also recently selected by mutual insurance company Augusta Mutual Insurance Company, to improve risk selection and to provide better insight into property condition.
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