Frederick Mutual Applies Betterview’s Predictive Analytics across Policy Lifecycle

The Mid-Atlantic insurer will use Betterview’s property analytics throughout the policy lifecycle, from loss control and underwriting to claims and catastrophe response.

(Frederick, Md., from above. Image source: Preservation Maryland.)

Frederick Mutual Insurance Company (Frederick, Md.), a provider of insurance for small businesses and homeowners in the Mid-Atlantic region, has signed a commercial agreement with Betterview, a provider of property data and analytics solutions to insurers.  Frederick Mutual plans to use Betterview’s property analytics throughout the policy lifecycle, from loss control and underwriting to claims and catastrophe response, according to a Betterview statement.

Nancy Newmister, President and CEO, Frederick Mutual Insurance Company.

Frederick Mutual Insurance Company has been in business for 175 years and is the ninth oldest insurer in the United States. Through independent agents, the company offers comprehensive insurance coverage and products for small businesses located in Maryland, Delaware, Virginia, Pennsylvania, North Carolina, and Washington, D.C., as well as homeowners insurance in Maryland and Pennsylvania.

“We may be one of the oldest insurance companies in the United States, but we are a forward-thinking organization that acts like a 175-year-old startup,” comments Nancy Newmister, President and CEO, Frederick Mutual. “When I was appointed CEO of Frederick Mutual three years ago, the goal was to position the company for sustainable profitable growth. Our focus was to price accounts with greater accuracy, underwrite high-quality properties, as well as improve the accuracy and handling of our claims. To accomplish these goals, it was vital for us to understand what we are insuring, along with uncovering what caused specific claims. Betterview’s building & property data and analytics, along with its historical imagery and address specific peril information, allowed us to gain a better understanding of risk, whether it was underwriting new business or determining the cause of a claim for reinsurance purposes.”

David Lyman, Co-Founder, Betterview.

Betterview reports that its property risk management platform is used by over a dozen personal lines and commercial lines carriers to identify and score roof condition and other property risks. The platform uses machine learning and computer vision to analyze manned aircraft and satellite imagery. It then combines the data with building records and historical weather to determine the characteristics and condition of a roof and the risk of a future loss.

Driving Positive Growth

“It really has been an amazing journey with Frederick Mutual so far. Within a span of 45 days, we went from meeting at an industry conference to having our predictive analytics used in a production environment,” comments David Lyman, CEO & Co-Founder, Betterview. “Since that time, we have seen the use cases of our predictive analytics and risk management platform evolve at Frederick Mutual, which has played a role in Frederick Mutual’s positive growth, and more importantly, enhanced the company’s communications with agents and customers by identifying potential issues before they turn into a loss.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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