Nationwide, one of the largest and strongest diversified insurance and financial services organizations in the United States, today announced it signed a three-year commercial agreement to use Betterview’s predictive analytics for commercial lines underwriting.
Betterview’s predictive analytics for buildings and properties is powered by proprietary computer vision, machine learning, and data science to predict which properties are at an elevated risk of loss for residential and commercial properties throughout the U.S.
Since the release of its risk management platform and predictive analytics last year, Betterview has worked with many P&C insurance company customers, from top ten to small regional carriers.
“Nationwide recognized the potential of Betterview’s insights around roof imagery and the data stream that flows from their machine learning platform, which is why we made our initial investment last year,” said Eric Smith, senior vice president of Commercial Lines at Nationwide. “This three-year agreement will enable us to add Betterview’s predictive analytics into our underwriting operations. Going forward, we’ll be able to leverage our underwriting expertise and talent where it is needed most – on higher-value, more complex accounts.”
Nationwide’s relationship with Betterview began in May 2018 with its initial venture capital investment. The insurance and financial services company later followed up on that investment by participating in Betterview’s Series A round along with ManchesterStory, EMC Insurance, Maiden Re, and Compound.
Over the next few months, Betterview plans to work with Nationwide to provide next-generation experiences for their customers by implementing its data and analytics into other areas of the P&C policy lifecycle.
Along with this announcement, Betterview has published a case study about Nationwide’s experience with Betterview. To request a copy, please contact Paul Ptashnick at paul@betterview.com.