Nationwide said its venture arm has made a strategic investment in Betterview, a machine learning InsurTech startup that focuses on capturing and analyzing data from drones, satellite and other aerial imagery.
Plans call for using the money to expand the use of Betterview’s machine learning platform in a way that helps improve commercial and residential property assessments for P/C insurers and reinsurers.
Nationwide Ventures did not disclose its specific investment amount. The operation has committed more than $100 million in venture capital funding to invest in startups and early-stage InsurTech and related companies. Its investments and partnerships in this area include Nexar, Matic, Insurify, Next Insurance and Sure, Nationwide noted in its Betterview announcement.
Betterview announced in September that it has raised just over $2 million in venture financing, a seed round that included Maiden Re, 645 Ventures, Arab Angel, Winklevoss Capital, Chestnut Street Ventures and more.
Betterview’s machine learning platform generates data and analytics on building and property conditions, characteristics, and potential hazards by analyzing satellite, aerial, and drone imagery. This information can be used throughout an organization, from loss control and underwriting, to claims and catastrophe response.
Beyond its machine learning platform Betterview said it has developed a mobile app and roof risk score. It has also integrated various third party data providers into its SaaS platform including historical weather, property hazard risks, and building information.
Erik Ross, leader of Nationwide’s venture capital team, said in prepared remarks that the company was impressed by Betterview’s “mix of insurance and entrepreneurial experience” in both its co-founders and team.
David Lyman, Betterview’s co-founder and CEO, said in prepared remarks that his company’s relationship with Nationwide goes back to an initial meeting at Plug and Play’s insurance accelerator, at which time its sole focus was on using drones to transform building and property insurance inspections.
Source: Nationwide, Betterview
Read more about Betterview in Carrier Management’s November 2017 article, “Smoothing the Claims Process.”