(Image source: True Flood Risk homepage.)
Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurers, has announced a new partnership with True Flood Risk (Bronxville, N.Y.), a company dedicated to helping property owners and communities understand and plan for flood risk.
True Flood Risk was founded by Shelly Klose in 2017, inspired by her experience with Hurricane Sandy in New Jersey in 2012, according to a from Betterview. Klose was curious why some houses in her neighborhood experienced significant flood damage during the storm while others remained relatively unscathed, the statement relates. This curiosity led her to develop a patented technology for estimating first floor height (FFH) of properties, a key indicator for flood risk. This solution formed the foundation for what has quickly become a popular global AI-driven risk management platform, pioneering the next generation of geolocation intelligence for flood risk, Betterview says.
“There are a lot of other flood scores in this industry, but True Flood Risk is the only company I know of that delivers a reliable estimation of FFH for nearly every property in an insurer’s book of business,” comments Armin Monajemi, VP strategic partnerships, Betterview. “Shelly and her team looked at the gaps that existed for flood intelligence and developed an innovative technology to fill in those gaps. This is exactly in line with our own mission at Betterview, and we are proud to be partnering with such a forward-looking company. For both underwriting and claims use cases, the partnership between our two companies is going to be a great benefit for insurers.”
Data from True Flood Risk is now available on Partnerhub, the marketplace for third-party data within the Betterview Property Intelligence & Risk Management Platform.
“This is not just going to make our data more accessible to a wide range of insurance companies. There is also an opportunity to enhance our solutions by combining them with data from other Betterview partners, such as microsatellite imagery from Iceye [Irvine, Calif.],” comments True Flood Risk’s Klose. “Insurers can synthesize datasets and tools from many different companies, giving them a complete and actionable view of flood risk in a single, easy-to-use interface.”