SAN FRANCISCO, April 18, 2023 (GLOBE NEWSWIRE) — Betterview, the insurtech company leading P&C insurers rely on to identify and manage real property risk, today launched their new groundbreaking roof age solution with unprecedented accuracy for insurers. Betterview’s solution uses artificial intelligence (AI) and computer vision to analyze high-resolution aerial imagery, enabling precise determination of roof age data.
Roof age data has always been critical for insurers in risk assessment and policy decision-making. Older roofs are closely linked with an array of different risk factors including structural failures, damage from hazards like wind and hail, and a higher likelihood of a complete collapse. As inaccurate roof age leads to over $1 billion in premium leakage every year, this new product was created to supplement and validate historically unreliable roof age data and enable insurers to:
- Accelerate quoting and the quote to bind process, better select risk, and prevent avoidable losses.
- Fine-tune rating algorithms to properly price policies and determine policy terms such as ACV (Actual Cash Value) or RCV (Replacement Cost Value).
- Prioritize physical inspections for properties with older roofs to better manage and mitigate overall risk.
Although roof age is an invaluable data point when making policy decisions, many insurers are forced to use outdated data. “Traditional roof age estimates tend to come from two sources,” says Jason Janofsky, chief technology officer at Betterview. “The first is homeowner-supplied roof age (HOSRA), which is generally underestimated by five to even fifteen years. The other source is permit data, which again gives an incomplete and outdated picture of roof age. Insurers need a reliable source and we decided there needed to be a better way.”
The new Betterview roof age solution, combined with other property insights like roof conditions and peril scores, elevates the power of property intelligence. “Roof age has a huge impact on potential future losses,” says Betterview co-founder and chief operations officer Dave Tobias. “Our new solution is unique in the industry and is a great supplement to existing data. We are confident that more accurate roof age data will boost efficiency for underwriting and pricing workflows, reduce premium leakage, and even help to avoid some future losses.”
The Betterview new Roof Age solution is now available to P&C insurers looking to obtain accurate and reliable roof age data and make more informed underwriting decisions. It is available within the Betterview Property Intelligence and Risk Management platform, through API, or the Direct-to-Consumer Quoting solution.
About Betterview: Betterview is the Property Intelligence & Risk Management Solution the insurance industry depends on to identify and mitigate property risk, improve underwriting and inspection efficiency, and build a more transparent customer experience. Applying Artificial Intelligence (AI) and computer vision to aerial imagery and geospatial data, Betterview generates the most accurate property information insurers trust to automate pricing, underwriting, and renewals while focusing strategic action on critical properties. Combined with flagging, continuous monitoring, and pre-filed peril risk scores, Betterview is helping transform property insurance from Repair and Replace to Predict and Prevent. For more information, please visit www.betterview.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2584b4fb-8003-49e7-a320-15fb743cae71