Conifer Insurance Company, a commercial insurance provider, has selected insurtech Betterview’s artificial intelligence-powered Property Profile solution to support its underwriting needs.
Under the contract, Conifer will leverage Betterview’s data and analytic tools to support its commercial lines underwriting team and the underwriting evaluation process.
Property Profile, which was rolled out by Betterview in August last year, uses AI to evaluate aerial photos of individual risks along with weather and other data sources to determine roof condition and numerous other conditions to assess the risk of future insurance losses.
Conifer Insurance Company president Nick Petcoff said: “We are always evaluating opportunities in the InsurTech space, especially if they can help us to mitigate risk or enhance our customer and agent relationships.
“One of the things that stuck out to us initially about Betterview was the commercial lines loss control experience of its co-founder Dave Tobias. This experience translated well during our proof of concept as Property Profile validated assumptions we already suspected about potential risk exposure in our book of business.
“We were very impressed with the final results of our POC and felt Property Profile’s unbiased analysis would be an effective communication tool when talking to insureds and agents about individual building and property risks.”
Betterview stated that its customers can access the firm’s property data & analytics through API, Betterview’s Guidewire PolicyCenter integration or through its web platform by typing in an address or uploading a CSV file.
Furthermore, customers can click on a link to order a drone inspection if they wish to dig deeper.
Betterview CEO and co-founder said: “While personal lines insurers are mainly dealing two or three different roof types, commercial lines insurers are typically dealing with six or seven roof types, such as black EPDM, white TPO, PVC, modified bitumen, SPF, etc.”
Betterview had previously received funding from Plug and Play Ventures.
Commenting on the funding, Betterview co-founder and CEO David Lyman said: “We are looking forward to leveraging Plug and Play’s expertise, funding and relationships so we may expand our artificial intelligence capabilities, build out our partner ecosystem and add more functionality to our platform.
“Our goal is to provide data that allows P&C insurers to take specific actions throughout the insurance lifecycle, from quoting all the way through claims and catastrophe response.”