Betterview Launches Hurricane Risk Insights
Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies, is pleased to announce the addition of Hurricane Risk Insights to the Betterview Property Intelligence & Risk Management Platform.
In response to a dramatic increase in catastrophic weather events caused by climate change, Betterview continues to add new peril-specific insights to the Betterview Platform help insurers and policyholders better gauge risk and protect against potential damage. After introducing Wildfire Risk Insights recently, Hurricane Risk Insights were an intuitive next addition to the Betterview platform, especially since the National Oceanic and Atmospheric Administration (NOAA) predicts an “above-normal” 2022 hurricane season for the seventh consecutive year.
“Faced with the potential of devastating losses, many insurers are simply canceling policies en masse, or even ending business in certain states,” said David Tobias, co-founder and COO at Betterview. “At Betterview, we don’t believe either of those strategies is sustainable. We need to get ahead of the risk and understand it thoroughly so that we can predict and prevent the losses. Our goal for Hurricane Risk Insights is to turn agents and underwriters into heroes for the insured, making homes and businesses more hurricane resilient and climate ready.”
Betterview’s Hurricane Risk Insights empower P&C insurers to understand hurricane risk in an easy, transparent way through an intuitive, single-screen user interface (UI) which shows the granular property conditions. Similar to Betterview’s Wildfire Risk Insights, the new Hurricane Risk Insights tool looks at both regional hazard and property-specific vulnerability to provide a complete picture of hurricane risk. This results in insurers being able to communicate better with agents and policyholders, proactively recommending risk mitigation steps, such as clearing vegetation and replacing aging roof materials.
“Traditional solutions for hurricane risk tend to only focus on the likelihood of a storm occurring in a general area, aka hazard,” said Jason Janofsky, CTO at Betterview. “Our platform does feature highly accurate hazard data from our third-party partners and public data, such as HazardHub, True Flood Risk, and the Federal Emergency Management Agency (FEMA). But we also use our computer vision technology to evaluate the vulnerability of each property, considering factors such as roof conditions, defensible space, and more. This returns a Hurricane Vulnerability Score which insurers can use along with the hazard data to make confident underwriting decisions quickly.”