US-based AI start-up Betterview has secured funding from Silicon Valley-based venture capital firm Plug and Play Ventures.
The insurtech firm intends to use the fund to expand its AI capabilities to new imagery sources and improve property data and analytics platform.
Plug and Play Ventures senior associate Gijs Dutry van Haeften said: “We see a lot of value in the way Betterview has been able to leverage their extensive aerial imagery analysis capabilities and combine them with external data sources to tackle underwriting and loss control in a cost-effective manner.
“Furthermore, recent integrations with systems suppliers such as Guidewire that position Betterview as a full-service workflow management tool are a further testament to the platform that they have built.
“We believe this combination of tools together with the market need for better building and property data in the Property and Casualty space gives rise to a particularly exciting opportunity.”
Commenting on the funding, Betterview co-founder and CEO David Lyman said: “We are looking forward to leveraging Plug and Play’s expertise, funding and relationships so we may expand our artificial intelligence capabilities, build out our partner ecosystem and add more functionality to our platform.
“Our goal is to provide data that allows P&C insurers to take specific actions throughout the insurance lifecycle, from quoting all the way through claims and catastrophe response.”
In August, Betterview launched its property profile, which uses aerial imagery, along with a number of data sources such as historical weather, to decide the characteristics and condition of a roof and the risk of future insurance claims.
Plug and Play has already teamed up with 70 corporate partners such as Capital, EMC, Guidewire, AIG, Axis Maiden Re, and Nationwide under its Insurtech programme.