Risk Management, Intellectual Property
Globenewswire | July 27, 2023
Betterview, the insurtech company Property & Casualty insurers rely on to identify and manage real property risk, and EagleView, the leading provider of aerial imagery and accurate property measurements, today announce a strategic alliance. EagleView's imagery will be integrated into Betterview's property intelligence platform to help insurers better understand a customer’s total property risk by providing broader, data-driven intelligence for both underwriters and claims professionals. Additional benefits of the alliance will include the ability for EagleView customers to gain direct access to Betterview’s property insights, scores, and data.
“EagleView chose to join forces with Betterview and their cutting-edge property analytics," said Piers Dormeyer, CEO of EagleView. “We’re launching an alliance that leverages the expertise of both companies to scale our innovative solutions and deliver unparalleled property intelligence to our customers.”
Customers across both product platforms will benefit from these advanced capabilities:
Greatly Expanded Imagery Coverage: Imagery coverage now encompasses 94% of the US population with over 1 billion ultra-high resolution property images.
AI Detections: Access to property condition attributes, including Roof Age, from the most advanced computer vision and machine learning in the industry.
Predictive Risk Scores: From roof conditions to weather-related perils and vulnerability, insurers will get the most accurate predictors of loss—pre-filled in many states.
Historical Image Library: Access to nearly 20 years of historical imagery will deliver expanded intelligence on property changes over time. A significant beneficiary will be Betterview’s new Roof Age product.
Rapid Post-CAT Event Imagery: When a storm strikes, EagleView mobilizes its fleet to capture imagery of the impacted areas, quickly producing before and after views of the event. This imagery will power Betterview’s CAT response solution, further supporting fast decisions and early assistance for homeowners.
Predictive CAT Response Capabilities: Customers will access solutions to remotely identify vulnerability, predict impact, quantify damage, and help homeowners recover faster from severe weather events.
“At Betterview we are continuously looking for ways to improve our customer’s ability to accurately assess property risk,” said David Lyman, Chief Executive Officer and Co-Founder of Betterview. “EagleView’s extensive, 20-year library of high-quality aerial imagery paired with our AI-powered property insights greatly expand our customers’ total understanding of property risk, both pre- and post-claim.”
The combined strength of EagleView and Betterview represents a major leap forward for insurance companies in their transition from repair and replace to predict and prevent.
“The addition of EagleView imagery is not just great for our customers in the short-term, but also will lead to long-term enhancements and benefits for our customers and the insurance market,” says Dave Tobias, COO and co-founder of Betterview. “EagleView’s ultra-high-resolution imagery allows us to continue to develop the most accurate AI models, risk scores, and overall property insights. Ultimately, we can build the most innovative tools to solve tough problems for insurance.”
Betterview is the Property Intelligence & Risk Management Solution the insurance industry depends on to identify and mitigate property risk, improve underwriting and inspection efficiency, and build a more transparent customer experience. Applying Artificial Intelligence (AI) and computer vision to aerial imagery and geospatial data, Betterview generates the most accurate property information insurers trust to automate pricing, underwriting, and renewals while focusing strategic action on critical properties. For more information, please visit www.betterview.com
EagleView is a leader in geospatial technology, providing solutions that transform the way our customers work. EagleView has the largest geospatial data and imagery library ever assembled, encompassing 94 percent of the U.S. population. EagleView’s unique technology portfolio comprises more than 300 patents, enabling our highly-differentiated offerings of software, imagery, and analytics products for multiple industries.
PR Newswire | September 21, 2023
NEXT Insurance, a leading digital small business insurer, today announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. NEXT's Coverage Builder represents a fundamental leap in allowing agents the ability to micro-tailor small business quotes for their clients, all while maintaining NEXT's superior instant bind capabilities. Coverage Builder is fast, easy to use, and tailored exclusively to agents pre-purchase, equipping them with the tools they need to select the appropriate limits and fully control the coverage they're quoting.
With Coverage Builder, agents can select their base policy limits, add or remove coverage or update limits post-purchase, all while benefiting from the convenience of instant underwriting and price updates. This saves agents valuable time and money, allowing them to make changes automatically without the need to pick up the phone and connect directly with an underwriter. NEXT's Coverage Builder offering furthers the company's commitment to its agents by providing a user-friendly and accessible digital quoting experience, 100% online. Coverage Builder is also available to all NEXT customers post-purchase, allowing small business owners to tailor their policies with immediate price updates and seamless policy management.
"NEXT's Coverage Builder feature is 100% hassle-free," said Cody L Slocum Lammers, Commercial Lines Agent & Broker at Affordable Insurance Solutions. "This new feature sets NEXT Insurance to a new level, above its competitors, as this allows agents the flexibility to customize policies to fit the needs of each individual small business. It's user-friendly and simple to understand- this is truly a game changer for NEXT Insurance agents!"
"Agents are the go-to insurance experts and know exactly the unique types of coverage small business owners need - that's why we're offering them the opportunity to customize policies for their clients instead of standardized coverage packages," said Jack Ramsey, Vice President of Agent Business at NEXT Insurance. "Now, with NEXT's Coverage Builder, we are empowering agents to instantly quote and easily customize and bind policies that will best serve their customers. As a result, small business owners will gain the peace of mind that they're only paying for the coverage they need to protect their business and livelihood."
NEXT's Coverage Builder offering comes on the heels of the company's launch of commercial umbrella/excess liability coverage to support small businesses in their entrepreneurial journey. The digital small business insurer also recently announced its integration with Ivans Download™ for General Liability and Workers' Compensation policies and its strategic hire of Jack Ramsey as the company's Vice President of Agent Business. These developments are further evidence of NEXT's commitment to agents and dedication to providing them with a smoother, more intuitive insurance purchasing process for small business clients.
If you're interested in working with an insurance agent through NEXT Insurance, visit our website to find an expert to help you get the right coverage at the best price.
About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital, affordable and tailored coverage. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.
PR Newswire | September 28, 2023
Expert.ai unveiled today its "Enterprise Language Model for Insurance" – ELMI, a cutting-edge innovation in domain trained language models, set to help insurers reach their process automation and digital transformation goals with the highest accuracy. By simplifying and powering the interaction with language data within the expert.ai Platform for Insurance, Insurers can access solutions that scale and take advantage of deep insurance domain expertise combined with the best and most cost-effective attributes of Large Language Models (LLMs) to automate core processes.
Through the expert.ai Platform for Insurance, ELMI supports key capabilities, including:
Generative Summarization: generate accurate summaries, condensing vast amounts of claim or policy information into concise insights, saving time and accelerating straight through processing or human review activities.
Zero Shot Extraction: extract crucial insurance data from structured/unstructured, handwritten/typed, good quality/bad quality sources with accuracy and automatically normalize output formats and add medical annotations such as ICD 9/10 medical codes.
Generative Q&A: answer questions quickly so underwriters and claims handlers can extract meaningful insights from proprietary case files by asking questions using natural language queries.
Walt Mayo, expert.ai CEO, said: "Delivering on our commitment to innovation and higher level of efficiencies in the insurance sector, ELMI sets a new standard for AI-driven language solutions. As part of the expert.ai Platform for Insurance, ELMI equips insurers with the generative AI tools they need to automate the complex landscape of language-driven processes, while also offering substantial cost savings."
Unlike general knowledge large language models, ELMI is:
Trained for Insurance: Eliminating the cost and complexity of training language models, ELMI is engineered with a deep understanding of the insurance domain, providing insurers with generative AI capability ready to tackle underwriting and claims processing challenges.
Built for the real-world: ELMI is integrated into expert.ai end-to-end insurance solutions to meet the practical challenges of AI at scale across insurance workflows from underwriting to claims. Expert.ai purpose-built approach addresses critical shortcomings of general-purpose language models and brings the power of generative AI to improve accuracy and reduce costs.
Cost Optimized: When compared to hosted token-based models, ELMI offers a more cost-effective solution, reducing expenses related to usage, hosting, running, and maintenance, while still delivering superior performance and accuracy.
Secure and Compliant: ELMI is designed to ensure compliance with the most stringent governance standards and does not share sensitive insurance data.
Cloud-agnostic: Offering the flexibility to deploy on any cloud infrastructure or on-premises, ELMI deployments easily meet insurer's varying requirements.
For inquiries, demonstrations, or more information about ELMI, please request a demo.
Expert.ai is the leading enterprise AI company solving complex language challenges. Our solutions deliver key information for publishers, streamline operations for insurers, drive revelations for pharmaceutical giants, and enhance customer interactions within financial services – all while automating traditional labor-intensive methods. By combining deep domain expertise with the finest attributes of Large Language Models, Machine Learning, and Symbolic AI, we are at the leading edge of linguistic advancements in hybrid AI. With a global presence in Europe and North America, we proudly serve clients that include AXA XL, Zurich Insurance Group, Generali, Sanofi, EBSCO, The Associated Press, Bloomberg INDG, and Dow Jones. For more information, visit https://www.expert.ai/