Geospatial options supplier Nearmap is bolstering its insurance coverage capabilities with an settlement to accumulate insurtech firm Betterview.
Based mostly in San Francisco, US, Betterview is engaged in providing property intelligence and threat administration options to the insurance coverage trade.
The corporate leverages laptop imaginative and prescient and synthetic intelligence (AI) to reinforce and automate the underwriting and inspection processes, in addition to to detect and scale back property threat.
For Nearmap, which was established in Australia in 2007 and expanded to the US in 2014, the acquisition kinds a part of its international progress technique.
Nearmap mentioned the acquisition will strengthen its place as a supplier of images intelligence, knowledge and options, and improve its capabilities for companions and insurance coverage shoppers.
The businesses collectively intention to facilitate the event of insurance coverage options, enhance underwriting, mitigate dangers, present deeper analytics, and improve visualisation and interpretation of property attributes.
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Nearmap CEO Andy Watt mentioned: “Integrating the Betterview platform and AI options into the Nearmap know-how stack will allow higher visualisation of the reality on the bottom with a richer, extra highly effective set of AI capabilities that mix one of the best of each corporations.
“It is a important milestone in our ongoing efforts to innovate options for insurance coverage carriers, and broaden our presence inside the property and casualty area.”
Betterview co-founder and CEO David Lyman mentioned: “Combining the choices of two best-in-class suppliers will ship larger influence for insurers. The acquisition of Betterview by Nearmap will improve entry to premium imagery and cutting-edge, scalable property intelligence options for the insurance coverage trade.”
Completion of the acquisition is topic to regulatory approvals.
In the beginning of this yr, Betterview raised an undisclosed quantity of funding from present backers EMC Insurance coverage, Guidewire Software program, Nationwide, MaidenRE and ManchesterStory.
In July 2022, Nearmap and Betterview teamed as much as provide a distant injury evaluation resolution for insurers.
