(Image credit: Robert Thiemann/Unsplash.)
Co-operative Insurance Companies (Middlebury, Vt.) has selected Betterview’s (San Francisco) Remote Property Intelligence Platform to help reduce expenses associated with loss control.
Co-operative Insurance, a mutual insurer underwriting homes, farms and commercial properties in Vermont and New Hampshire since 1915, reports that it has long relied on an internal loss control department for underwriting risk assessments which ultimately help the company identify the best risks to write.
“As such a small company, having a dedicated loss control team has always been sort of a luxury,” comments Lee Dowgiewicz, President, Co-operative Insurance Companies. “This team inspects thousands of properties to gauge risk level prior to writing a policy or before renewal. Betterview has given us a tool that will streamline this process, allowing us to be more choosey about where we send inspectors, cutting down our expenses.”
Betterview’s Remote Property Intelligence Platform, including the integrated PropertyInsight tool and Roof Spotlight Index, leverages aerial imagery, proprietary machine learning (ML) algorithms, and third-party partner data to give property/casualty insurers, such as Co-operative, a better understanding of risk at every stage of the policy lifecycle. All of these insights are housed in a single, intuitive environment that transforms data into direct underwriting actions for risk selection as related to new business, according to a Betterview statement.
Improved Results, Customer Experience
“Our platform allows insurers to understand risk and take action before even setting foot on a property,” comments David Tobias, co-founder and chief of operations, Betterview. “Co-operative can be more selective going forward about which policies are approved, and which properties they send a physical inspection team to assess. By integrating our platform into their underwriting and loss control workflows, insurers, like Co-operative, can improve combined ratios, predict future losses, and build a more positive, transparent customer experience.”
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