Midwest Family Mutual Adopts Betterview Property Intelligence Platform

Family needed a toolset that enabled the company to analyze real risk drivers and subsequently take immediate, strategic policy action.

(Image credit: Dave Hoefler/Unsplash.)

Midwest Family Mutual Insurance Company (Minneapolis), a provider of coverage across twenty four states for over 100 years, has selected Betterview’s Property Intelligence Platform to better analyze risk in their book of business, reduce expenses, and improve its loss ratio, according to a Betterview statement.

Mike Carey, VP, Underwriting, Midwest Family.

Betterview’s platform addresses one of the greatest challenges facing mutual insurers in recent years: worsening loss ratios due to roof-related losses, especially in Midwestern states. Understanding roof condition is crucial to determining overall property risk, but physical inspections often fail to deliver a comprehensive view. To improve their own loss ratio, Midwest Family needed a toolset that enabled the company to analyze real risk drivers and subsequently take immediate, strategic policy action, according to Betterview.

“The Betterview Property Intelligence Platform fulfills all of these requirements,” says Mike Carey, VP, underwriting, Midwest Family. “Betterview gives us a complete and actionable picture of every property in our book. This will empower our underwriters to work more efficiently and price risk more appropriately, and prevent future losses while simultaneously improving our expense ratio. We are also excited to use Betterview’s unique combination of aerial imagery and computer vision to respond more rapidly to catastrophic (CAT) events and everyday losses, and to detect fraudulent claims before they are paid.”

David Tobias, COO and Co-Founder, Betterview.

Boosting Efficiency, Predicting and Preventing Losses

The Betterview team is confident that their platform can help Midwest Family and other mutual insurers to deal with these challenges. “As the nature of global risk changes, insurance companies are evolving too,” says David Tobias, co-founder and COO, Betterview. “Insurers are facing the same problems as ever—premium leakage, lack of visibility, fraudulent claims—but now they have access to a whole new category of smart, data-informed tools to solve them. We call these tools collectively ‘property intelligence,’ and we are proud that they are going to allow insurers to boost efficiency, predict and prevent losses, and build a stronger customer experience.”

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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 AnthODonnell@IIReporter.com or (503) 936-2803.

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