Betterview, an InsurTech supplier of actionable property intelligence to property and casualty (P&C) insurance coverage firms, is happy to announce that FutureProof Technologies (FutureProof) has chosen the Betterview Property Intelligence & Risk Management Platform to extend the pace and accuracy with which insurers and asset managers are capable of assess and take motion based mostly on local weather danger.
FutureProof, a venture-backed insurtech startup that’s quantifying local weather and climate danger for the insurance coverage trade, makes use of expertise to deal with a few of the issues that local weather volatility has created for P&C insurers, monetary professionals, and property house owners, particularly in risk-prone areas. As once-in-a-lifetime climate occasions turn into extra widespread, it’s more and more troublesome for insurers to write down strong dangers whereas nonetheless offering protection to those that want it. In some elements of the nation, comparable to hurricane-prone Florida, insurers have responded by denying protection to tens of hundreds of consumers.
“Within the face of local weather change and elevated dangers world wide, the identical previous method to danger choice, pricing, and loss management are merely not going to be adequate,” mentioned Alisa Valderrama, co-founder and CEO of FutureProof. “At FutureProof, we’re targeted on quantifying local weather danger so insurers can extra confidently present protection for properties which may in any other case be seen as overly dangerous.”
FutureProof is incorporating Betterview’s knowledge in underwriting property danger for Florida owners, offering new protection for tens of hundreds of insurance policies.
“Betterview’s knowledge will assist FutureProof in pinpointing extra granular variation throughout insurance policies to assist carriers and reinsurers supply engaging danger even amid the present difficult insurance coverage surroundings in Florida,” mentioned Fid Norton, chief insurance coverage officer for FutureProof.
“What FutureProof is doing is completely in keeping with our mission right here at Betterview,” mentioned David Tobias, COO and co-founder of Betterview. “We all know insurers face distinctive challenges when underwriting in risk-prone areas, however we don’t consider that ought to lead to a blanket denial of protection. As a substitute, we offer the instruments to precisely gauge danger, in order that the absolute best protection will be supplied to those that want it essentially the most.”