Insurtech Betterview has completed a new round of funding of undisclosed amount led by existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE, and ManchesterStory. The terms of the round of funding were not disclosed.
Betterview allows insurers to identify and manage real property risk and intends to use the funds to continue its growth, support the company’s path to profitability in 2023, and provide customers with new and enhanced products and features.
Betterview is on a mission to turn high-quality data into actionable insights for the P&C insurance industry.
This latest round of funding will help Betterview continue its growth, support the company’s path to profitability in 2023, and provide customers with new and enhanced products and features. Recent enhancements include launching specialized risk insights for event-specific perils and a CAT-Response System, empowering insurers’ rapid and proactive response to severe weather events.
“Having been investors since 2017, we continue to be impressed with how the company is pushing the boundaries of technology and innovation in the property intelligence and risk management space,” said Brian Anderson, partner at Nationwide.
Recent enhancements include launching specialised risk insights for event-specific perils and a CAT-Response System, empowering insurers’ rapid and proactive response to severe weather events.
This investment helps us continue to improve our product and customer support functions as we deliver a best-in-class experience, empowering insurers to identify and manage real property risk.David Lyman, co-founder and CEO at Betterview
During 2022 year, Betterview achieved customer growth – with 68 active insurers on the platform – and nearly doubled revenue despite a difficult macroeconomic environment.
Insurtech increased strategic partnerships with geospatial and property intelligence providers, including HazardHub (from Guidewire), e2Value, Canopy Weather, Redzone, Iceye, and JMI Reports, expanding the Betterview PartnerHub ecosystem to 37 companies.
Earlier, Betterview partnered with Plnar, an AI-powered virtual inspection software for the property insurance market. The company was also recently selected by mutual insurance company Augusta Mutual Insurance Company, to improve risk selection and to provide better insight into property condition