In case you missed it in the news last week, Nationwide announced an investment in Betterview to enhance their ability to write business and service claims by leveraging Betterview’s artificial intelligence (AI) and drone technology.
Nationwide’s investment in Betterview is part of its commitment to finance more than $100 million of venture capital in customer-centric solutions that help its members. Recent investments and partnerships by Nationwide’s venture capital arm include:
- Next Insurance
By securing this funding, Betterview will continue to expand its machine learning capabilities to deliver more building & property data, analysis and insights. Betterview’s machine learning platform is based on a proprietary database of more than two million analyzed and tagged images of buildings and properties which is growing every day.
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. – Erik Ross, head of Nationwide’s venture capital team.
In just over 3 years, Betterview has successfully inspected more than 20,000 buildings using drones for over 90 insurance customers. It has analyzed many times more properties than that using aerial and satellite imagery. Betterview adds value to the full property insurance lifecycle, including:
- Loss Control
- Claims Investigation
- Catastrophe Response
Nationwide’s investment follows up on recent momentum in the marketplace generated by Betterview’s integration of AirMap into its new mobile application, updated SaaS platform, and strategic partnership announcement with Munich Re.
For more information about Nationwide’s strategic investment in Betterview, please contact Paul Ptashnick at email.