Nationwide invests in AI insurtech start-up Betterview
US-based insurance and financial services provider Nationwide has made a strategic venture capital investment in Betterview, a software platform and service provider for capturing and analysing data from drones.
The funding will be used to extend Betterview’s machine learning platform across additional data sources to unlock valuable insight about commercial and residential properties for P&C insurers and reinsurers.
“With Nationwide’s recent strategic investment in Betterview, we will continue to create more value for our customers by expanding our artificial intelligence capabilities to deliver the next generation of building and property data, analytics, and insights that can be used throughout an organisation,” said Dave Tobias, co-founder and COO of Betterview.
Nationwide said it has earmarked more than $100 million in venture capital funding to invest in startups and early-stage companies that are focused on shaping the future of insurance. The company has also recently invested in Nexar, Matic, blooom, Insurify, Next Insurance, and Sure.
Erik Ross, leader of Nationwide’s venture capital team, said: “We were very impressed with the mix of insurance and entrepreneurial experience of the co-founders and the team. After assessing many other companies in the marketplace, we quickly noticed how their experience translated into significantly better software, services, and data for insurers like Nationwide.
"These capabilities will drive faster response in the wake of catastrophic events, enhanced underwriting sophistication for day-to-day business and a better overall experience for our members.”
David Lyman, co-founder and CEO of Betterview, added: “Our relationship with Nationwide goes back to when we first met them at Plug and Play’s insurance accelerator. At that time our sole focus was on using drones to transform how buildings and properties were inspected. Since then, as our customers’ needs have evolved, so have we by enhancing our artificial intelligence capabilities, building a mobile app, developing a roof risk score, and integrating various third party data providers into our SaaS platform to put historical weather, property hazard risks, and building information at their fingertips.”
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