Betterview has incorporated Hurricane Risk Insights into its platform.
FREMONT, CA: A risk management platform aids in keeping track of all risks reported in a risk register, as well as risk mitigation measures, such as controls and barriers. The software system also displays the residual risk for each risk following the implementation of controls or barriers. Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurers, has added Hurricane Risk Insights to its Property Intelligence & Risk Management Platform.
"Faced with the potential of devastating losses, many insurers are simply canceling policies en masse, or even ending business in certain states," comments 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."
In response to a significant increase in catastrophic weather events induced by climate change, Betterview continues to bring additional peril-specific insights to the Betterview Platform to assist insurers and policyholders in more accurately assessing risk and preventing potential damage. After the recent introduction of Wildfire Risk Insights, Hurricane Risk Insights were a natural addition to the Betterview platform, significantly since the National Oceanic and Atmospheric Administration (NOAA) forecasts an "above-normal" 2022 hurricane season for the seventh year in a row.
Betterview's Hurricane Risk Insights enable P&C insurers to comprehend hurricane risk simply and transparently via an intuitive, single-screen user interface (UI) that displays granular property conditions. Comparable to Betterview's Wildfire Risk Insights, the new Storm Risk Insights tool examines both area hazard and property-specific susceptibility to provide a comprehensive view of hurricane risk. This enables insurers to communicate more effectively with agents and policyholders, offering proactive risk mitigation measures such as clearing vegetation and replacing outdated roofing materials.
“Traditional solutions for hurricane risk tend to only focus on the likelihood of a storm occurring in a general area, aka hazard,” states 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.”
