There is no end to what all human beings can do, and yet there is little we do better than growing on a consistent basis. This progressive approach, on our part, has got the world to hit upon some huge milestones, with technology appearing as quite a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component, in fact, did a lot to give the creation a spectrum-wide presence, and as a result, start a full-blown tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce all the right goods. The same has become a lot more evident in recent times, and assuming one new insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Betterview, the insurtech company leading P&C insurers rely on to identify and manage real property risk, has officially launched a new cutting-edge roof age solution, which is designed to help P&C insurers in making more informed decisions. According to certain reports, this promised accuracy will likely materialize across elements like policy lifecycle, protecting customers, and improving loss ratio. Talk about how the solution makes that possible, it leverages a combination of artificial intelligence and computer vision to analyze high-resolution aerial imagery, thus ensuring an on-point precise determination of roof age data. The stated accuracy, if found practicable, will satisfy a longstanding need, as every year, we see imprecise roof age data leading to over $1 billion in just premium leakage.

“Traditional roof age estimates tend to come from two sources,” said Jason Janofsky, chief technology officer at Betterview. “The first is homeowner-supplied roof age (HOSRA), which is generally underestimated by five to even fifteen years. The other source is permit data, which again gives an incomplete and outdated picture of roof age. Insurers need a reliable source and we decided there needed to be a better way.”

Moving on to some specific features of Betterview’s latest AI-powered solution, it will empower insurers to accelerate quoting and the quote to bind process, better select risk, and prevent avoidable losses. Next up, it should fine-tune rating algorithms to properly price policies and determine policy terms such as ACV (Actual Cash Value) or RCV (Replacement Cost Value). Hold on, there is more. The product will also dedicate special attention towards physical inspections for properties with older roofs so to better navigate the overall risk.

“Roof age has a huge impact on potential future losses,” said Dave Tobias co-founder and chief operations officer at Betterview. “Our new solution is unique in the industry and is a great supplement to existing data. We are confident that more accurate roof age data will boost efficiency for underwriting and pricing workflows, reduce premium leakage, and even help to avoid some future losses.”

Founded back in 2014, Betterworks has made a name for itself by letting insurance companies identify and mitigate property risk, improve underwriting and inspection efficiency, and build a more transparent customer experience. The company’s excellence in providing services like automated pricing, underwriting, renewals, continuous monitoring, pre-filed peril risk scores, and more, has got it to partner with many insurance carriers. However, given the potential of its new solution, Betterworks will hope to achieve an even grander stature at some point down the line.