Plug and Play invests in AI insurtech startup Betterview
Silicon Valley-based Venture capital firm Plug and Play Ventures has invested in California-based artificial intelligence (AI) startup Betterview.
Betterview plans to use the funding to expand its AI capabilities to new imagery sources, as well as enhance its property data and analytics platform.
In August 2018, Betterview released its property profile, which uses aerial imagery, along with data sources like historical weather, to determine the characteristics and condition of a roof and the risk of future insurance claims.
“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," said Gijs Dutry van Haeften, senior associate, Plug and Play Ventures.
"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,” van Haeften added.
David Lyman, co-founder and CEO, Betterview, said: “Our relationship with Plug and Play has been extremely helpful over the past few years. 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.”
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