(Image source: EMC Insurance homepage.)
EMC Insurance (Des Moines), one of the top 50 property/casualty organizations in the U.S. based on net written premium, has signed a commercial agreement with property intelligence vendor Betterview (San Francisco). EMC plans to leverage Betterview’s predictive analytics and risk management platform in commercial lines underwriting.
“When it comes to Insurtech investments and partnerships, EMC is always evaluating the marketplace for new tools and technologies that can improve agent and customer engagement,” comments David Lyman, CEO and Co-Founder, Betterview. “We are extremely proud EMC saw the value of our risk management platform and predictive analytics to support their agents and educate their customers on potential roof issues.”
Betterview’s risk management platform is used by over a dozen personal and commercial lines carriers to identify and score roof condition and other property risks. The vendor uses machine learning and computer vision to analyze manned aircraft and satellite imagery. Betterview then combines this data with other sources, such as building permits, assessors’ data, and historical weather to determine the characteristics and condition of a roof to determine the risk of future losses.
EMC’s commercial agreement follows its recent investment in Betterview’s Series A round. Betterview’s Series A was led by Manchester Story, with participation from EMC Insurance, Nationwide Ventures, Maiden Re and Compound.
Aligned to EMC and the P&C Industry
“We’re aligned with Betterview in a lot of ways, which is why it made sense for us to not only participate in Betterview’s Series A round but to sign a commercial agreement with them as well,” comments Chad Veach, Risk Improvement Innovation Manager, EMC. “We feel their product is going to be valuable for us and the industry as a whole. We intend to use Betterview’s predictive analytics in our underwriting process to identify policyholders who would benefit from a drone-based roof assessment by our loss control team.”
Betterview unsurance carrier clients, such as EMC Insurance, are able to access the vendor’s property data & analytics via API, Betterview’s Guidewire PolicyCenter integration or through its web platform by typing in an address or uploading a CSV file.