SAN FRANCISCO, July 07, 2022 (GLOBE NEWSWIRE) — Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies, is pleased to announce the launch of the company’s new Catastrophe Response System (CAT-RS) which solves many of the greatest challenges insurers face when responding to natural catastrophe (CAT) events such as hurricanes, wildfires, and more.
With existing tools that focus on regional hazard data and modeling instead of property-level analytics, claims teams often only get broad, inaccurate loss predictions on CAT events. Claims response teams also typically struggle to deploy boots-on-the-ground to damaged properties in a timely manner. These challenges naturally lead to inefficient claims processes and slow post-event response.
In order to minimize the impact of a CAT event and to help policyholders recover from tragedy faster and easier, insurers must respond proactively, rapidly, and accurately. Leveraging a combination of machine learning (ML), high-quality aerial imagery, and third-party data, CAT-RS shows CAT impact in near real-time, accurately predicts which properties and structures are most likely to be impacted based on conditions and characteristics prior to the event, and allows rapid visual verification of actual property damages post-event. These empower claims teams to:
- Allocate CAT resources more effectively: Strategically stage claims response teams in areas with a high number of predicted-damage properties, before damage happens. Then after the damages, triage the impacted policies and prioritize resources for properties with great damage or complex claims.
- Keep good communication and help customers recover from tragedy faster and easier: Proactively jump-start the claims process even before the first notice of loss (FNOL), without the need for costly boots-on-the-ground.
- More accurately predict claims losses in near-real-time and cut loss-adjustment expenses (LAE): Automatic damage detections of the whole book of business allow for a more accurate and immediate understanding of real damages and losses, for instant financial planning. A more accurate budget and reserve enable faster claims payments and settlements, which leads to lower LAE.
“Our system tells insurers everything they need to know about CAT impact, before, during, and after the event,” said Jason Janofsky, VP of engineering at Betterview. “We use trusted public and private data to pull in the latest projection of CAT events and to quantify the potential losses based on the estimated replacement cost of each structure. Following the event, we utilize aerial imagery that is available within 24-48 hours from the most reputable, comprehensive aerial map providers in the world, together with our proprietary computer vision and new damage classifiers to analyze damages. This allows us to more accurately and promptly predict actual losses and help insurers reduce claims cycle time.”
Betterview’s new CAT-RS empowers insurers to evolve from a slow and reactive catastrophe response approach to a fast and proactive approach with their customers at the center. The system optimizes the efficiency of claims processes, and most importantly, it will allow claims teams to proactively help homeowners, business owners, and communities who desperately need the resources to recover from devastation quickly.
About Betterview
Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. For more information, please visit www.betterview.com.