InsurTech 100 company Betterview has closed its Series A round on $4.5m, bringing its total funding up to $10m.
Early-stage venture capital firm ManchesterStory led the investment, with commitments also coming from Nationwide Ventures, EMC Insurance, Maiden Re and Compound.
In line with the investment, ManchesterStory managing partner Dave Miles and Guidewire Software CMO Brian Desmond will join the Betterview board of directors.
Funds from the round have already been used to expand the Betterview data science team with three new hires.
Founded in 2014, Betterview is an AI-powered data platform which helps clients get accurate insurance quotes. Its PropertyProfile service uses aerial imagery to determine the condition of roofs and the risk of potential claims.
Underwriters can leverage Betterview’s data sources to instantly determine the current state of a roof, identify potential risks, such as roof shape, material, damage, rust and tree overhang, the characteristics of the property and the state of fences and other aspects of the building. Combining this with historic weather in the area, and the location specific risks like flood, fire, earthquakes, lets underwriters make accurate and quicker decisions for insurance.
Clients can use the Betterview platform for their quoting, loss-control, policy renewal, property monitoring, investigation and response, and catastrophe modelling needs.
ManchesterStory manager partner Dave Miles said, “We are always looking to partner with market-leading companies in the InsurTech space,” “With over 70 million commercial and residential properties in the United States, insurers need to aggregate dozens of structured and unstructured data sources in order to gain a better understanding of these properties.
“Betterview addresses a significant need for P&C insurers through its proprietary application of machine learning and computer vision to generate actionable information so insurers can quickly and more accurately assess and price risk, creating a better experience for their customers.”
Earlier in the year, the InsurTech partners with Conifer Insurance Company to support its underwriting. The deal lets Conifer utilise data and analytics tools to improve their evaluation processes.
Last year, Betterview was listed in the inaugural InsurTech 100 which names the companies leaders in the insurance space should know about in 2019.
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