Home Insurance Law Nearmap to purchase insurtech Betterview

Nearmap to purchase insurtech Betterview

Nearmap to purchase insurtech Betterview


Geospatial options supplier Nearmap is bolstering its insurance coverage capabilities with an settlement to amass insurtech firm Betterview.

Primarily based in San Francisco, US, Betterview is engaged in providing property intelligence and danger administration options to the insurance coverage trade.

The corporate leverages pc imaginative and prescient and synthetic intelligence (AI) to boost and automate the underwriting and inspection processes, in addition to to detect and scale back property danger.

For Nearmap, which was established in Australia in 2007 and expanded to the US in 2014, the acquisition kinds a part of its world development 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 purpose 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 the most effective of each corporations. 

“It is a important milestone in our ongoing efforts to innovate options for insurance coverage carriers, and broaden our presence throughout the property and casualty area.”

Betterview co-founder and CEO David Lyman mentioned: “Combining the choices of two best-in-class suppliers will ship higher influence for insurers. The acquisition of Betterview by Nearmap will enhance 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.

Firstly 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 supply a distant harm evaluation answer for insurers. 



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