Betterview, which builds predictive analytics for the property insurance space, has closed its new funding round on $7.5m.
ManchesterStory led the investment, with additional commitments coming from Nationwide, EMC Insurance Companies, MaidenRe, Guidewire, Compound, Winklevoss Capital and Chestnut Street Ventures.
The capital from the round will be used to expand its capabilities within the remote property intelligence space.
Betterview offers P&C insurance carriers a software platform to identify and manage property risk throught the policy lifecycle.
Its services are used by property underwriters, loss-control specialists, and claims staff during policy inception and renewal to get a better understanding of individual properties.
The InsurTech leverages predictive analytics and property risk management to give insurers better insights for quoting. Its PropertyProfile solution uses aerial imagery to determine the condition of roofs and the risks of potential claims.
Betterview co-founder and CEO David Lyman said, “We’re delighted to deepen our relationship with our friends at Guidewire through this recent investment.
“Our mutual commitment to advancing the success of P&C carriers creates a strong alignment between our companies. This funding will accelerate our progress on delivering capabilities that help our customers manage risk in their workflow in a way that improves the customer experience of their insureds and agents.”
The round has brought the total capital raised by Betterview to $17m. Last year, the InsurTech closed its Series A round on 4.5m from investors including ManchesterStory, Nationwide Ventures, EMC Insurance, Maiden Re and Compound.
Betterview, signed a three-year agreement with Nationwide, providing the insurance firm with its technology to improve its analytics.
Copyright © 2020 FinTech Global