By David Lyman
A few weeks ago, Betterview had the opportunity to submit an application for the Insurance Information Institute/InsureTech Connect Resiliency Innovation Challenge.
Dave and I are happy to announce that Betterview was selected as a semifinalist by an esteemed panel of judges. The next phase of this competition will be a public vote.
In this blog post, I would like to use this as an opportunity to explain:
- What is the III x ITC Challenge
- The role of insurance in creating resiliency
- How Betterview is helping carriers to avoid catastrophic losses
- What technologies and tools Betterview is using to create resiliency
- How to cast your vote
What is the III x ITC Challenge?
The Resiliency Innovation Challenge was created to explore how the insurance industry can best leverage innovative technology and tools to make individuals, businesses and communities more prepared and better able to manage growing risk. InsureTech Connect (ITC) and the Insurance Information Institute (I.I.I.) have partnered to create this challenge to encourage and promote emerging companies at the forefront of resiliency.
How is Betterview Helping Carriers to Create Resiliency?
What technology(ies) and tools is Betterview using to enable resiliency?
Betterview’s risk management platform uses machine learning, computer vision, and advanced algorithms to deliver predictive analytics about buildings and properties. This information is used by commercial and personal lines carriers to educate policyholders about potential issues and initiate risk mitigation measures.
If “Resiliency” is defined by reducing frequency and severity of incidences and helping people, businesses and communities prepare for and manage risks, as well as get back to a restored state, how does your solution enable this?
Last year, Betterview helped several insurance carriers quickly identify properties that were severely impacted by Hurricanes Florence and Michael. Our assessments enabled our customers to prioritize the efforts of their claims adjustors to focus on the most severely impacted properties so that they could get checks in the hands of their policy-holders as quickly as possible. We decided to go back and assess all of those properties to see what condition they were in before the storm. Our team was able to quantify a significant correlation between the condition of roofs prior to the storm with their ability to withstand it. In short, roofs that were in bad shape fared far worse.
Betterview helps insurers identify roofs that are in bad shape every day. This enables insureds to act before a weather event hits and causes a loss. Once a problem happens, carriers want to help their insureds recover as seamlessly as possible. However, there is a huge opportunity to reduce the disruption to people’s lives by identifying and addressing problems proactively.
Help support the Daves in the ITC Resiliency Innovation Challenge
To our customers, partners and investors, Dave and I would appreciate your support once again if you took a minute to cast your vote for Betterview. You may do so at: https://voteitc.innovationchallenge.com/
We’d love to see you at ITC!
Dave and I will be onsite at ITC Vegas in a few weeks. We’d love to use this opportunity to connect with you at the show. You may do so by stopping by booth 906 or by sending us an email to schedule an onsite meeting.