Insurtech Betterview feeling better with Nationwide investment
Ohio-based insurance and financial services firm Nationwide has made a venture capital (VC) investment in insurtech Betterview.
This funding is being used to extend Betterview’s machine learning platform across additional data sources to unlock insight about commercial and residential properties for property and casualty (P&C) insurers and reinsurers.
There aren’t specifics for this investment, but in total Nationwide has earmarked more than $100 million in VC funding to invest in insurtech start-ups and early-stage companies. Recent investments and partnerships by Nationwide’s VC arm include Nexar, Matic, Blooom, Insurify, Next Insurance, and Sure.
Erik Ross, leader of Nationwide’s VC team, says: “After assessing many other companies in the marketplace, we quickly noticed how their experience translated into significantly better software, services, and data for insurers like Nationwide. These capabilities will drive faster response in the wake of catastrophic events, enhanced underwriting sophistication for day-to-day business and a better overall experience for our members.”
Betterview says its platform generates data and analytics on building and property conditions, characteristics, and potential hazards by analysing satellite, aerial, and drone imagery. This information can be used throughout an organisation, from loss control and underwriting, to claims and catastrophe response.