Company Spotlight: Betterview

On December 5, 2023, Nearmap signed an agreement to acquire Betterview, a leading property intelligence and risk management platform in the insurance industry. Announcing this marks a milestone in Nearmap’s global growth strategy.

Company Overview

Betterview is a property intelligence and risk management platform that provides actionable insights to underwriters, agents, and insureds. Its platform applies artificial intelligence (AI) and computer vision to aerial imagery and geospatial data to generate highly accurate property information. Trusted by insurers, it helps automate pricing, underwriting, and renewals to increase efficiency and profitability.

The company's background includes a team of insurance and insurtech veterans with the best software engineers. It has established itself as the leader in property intelligence, with investors that include major players in the insurance and property space.

Description of Business

Betterview was founded in 2014 by David Tobias and David Lyman. Along with insurance and insurtech veterans, the team combined aerial imagery, computer vision, and machine learning. The resulting platform enables insurance professionals to make fast and accurate policy decisions from clear and actionable property insights.

Betterview's platform provides insurers with accurate property information to facilitate task automation at the same time focus on strategic action on critical properties. Its top products include the Property Intelligence Platform, wildfire, hurricane, and hail risk insights, and a catastrophic (CAT) response system.

The company's mission is to transform property insurance from Repair-and-Replace to Predict-and-Prevent. Its core values include a deep understanding of day-to-day insurance challenges and a commitment to cutting-edge solutions.

Targeted Customers

Betterview's customers are primarily in the property and casualty (P&C) insurance industry. The company's platform serves underwriters, agents, and insureds. Some of Betterview's customers include Kingstone Insurance Company, Nationwide, and Capital Insurance Group.

The focus of the company's marketing and advertising strategies is on showcasing its products and services. Its main efforts likely revolve around its core values and its ability to provide innovative and transformative solutions to the insurance industry.

Current Competitors

Betterview's competitors in the property insurance industry include Arturo, Cape Analytics, Descartes Labs, Kettle, and Zesty AI. Its competitive advantages include its use of artificial intelligence and computer vision to generate accurate property information.

The company's major challenges include competition from other insurtech companies. It also faces the need to continually innovate and improve its products and services to stay ahead of the curve.

Many industry experts consider Betterview as a leader in the property intelligence space. Among its investors are major insurance carriers like Nationwide, consultancies like ManchesterStory, and technology leaders like Guidewire. Betterview's acquisition by Nearmap in 2023 has likely strengthened its market position and industry ranking. Nearmap is a leading provider of high-resolution aerial imagery and location data.

Read also: Analysis - Betterview's Acquisition By Nearmap