With the 2018 hurricane season nearing, Nationwide’s venture capital arm is excited to be investing in Betterview, a machine learning startup that analyzes data from drones, satellite and other aerial imagery. This venture capital investment could enable Nationwide to write enhanced business and service claims.
“Drones and artificial intelligence will play a critical role in the future of both underwriting and claims response. It’s why we’re so excited about this partnership with Betterview,” said Scott Sanchez, Nationwide’s chief innovation officer. “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.”
Through the data and analytics that Betterview’s machine learning platform generates, insight can be gained about commercial and residential properties for P&C insurers and reinsurers. The information generated will allow organizations to help with loss control, underwriting, claims and catastrophe response. Nationwide’s investment in Betterview’s machine learning platform can extend the reach across data sources to unlock valuable information about building and property conditions, characteristics, and potential hazards by analyzing satellite, aerial, and drone imagery.
“After assessing many other companies in the marketplace, we quickly noticed how Betterview’s experience translated into significantly better software, services and data for insurers like Nationwide,” said Erik Ross, leader of Nationwide’s venture capital team. “When we first met the team, their sole focus was on using drones to transform how buildings and properties were inspected. They have since evolved by enhancing artificial intelligence capabilities, building a mobile app, developing a roof risk score, and integrating various third-party data providers to put historical weather, property hazard risks, and building information at the customer’s fingertips.”
Last August, Nationwide announced its commitment to invest more than $100 million of venture capital in customer-centric solutions that help members:
- Live comfortably in retirement
- Meet their insurance and financial needs in novel and digital ways
- Protect their data and digital assets
- Protect them in the evolving area of mobility