(Image source: FutureProof homepage.)
FutureProof Technologies (San Diego) has selected San Francisco-based Betterview’s Property Intelligence & Risk Management Platform to increase the speed and accuracy with which insurers and asset managers are able to assess and take action based on climate risk.
FutureProof, a venture-backed InsurTech startup that is quantifying climate and weather risk for the insurance industry, uses technology to address some of the problems that climate volatility has created for property/casualty insurers, financial professionals, and property owners, especially in risk-prone regions. As extreme weather events become more common, it is increasingly difficult for insurers to correctly price risks while still providing coverage to those who need it. In some parts of the country, such as hurricane-prone Florida, insurers have responded by denying coverage to tens of thousands of customers.
“In the face of climate change and increased risks around the world, the same old approach to risk selection, pricing, and loss control is simply not going to be sufficient,” comments Alisa Valderrama, co-founder and CEO, FutureProof. “At FutureProof, we are focused on quantifying climate risk so insurers can more confidently provide coverage for properties that might otherwise be seen as overly risky.”
FutureProof is incorporating Betterview’s data in underwriting property risk for Florida homeowners, providing new coverage for tens of thousands of policies.
“Betterview’s data will help FutureProof in pinpointing more granular variation across policies to help carriers and reinsurers source attractive risk even amid the current challenging insurance environment in Florida,” says Fid Norton, chief insurance officer, FutureProof.
“What FutureProof is doing is totally in line with our mission here at Betterview,” comments David Tobias, COO and co-founder of Betterview. “We know insurers face unique challenges when underwriting in risk-prone areas, but we don’t believe that should result in a blanket denial of coverage. Instead, we provide the tools to accurately gauge risk, so that the best possible coverage can be provided to those who need it the most.”