Building Resilience with Betterview’s Hurricane Risk Insights
Oct 2023
Betterview’s hurricane risk insights, complete with AI-powered risk scores and third-party hazard data, enable insurers to mitigate property risk
Oct 2023
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Since this post was originally published, Betterview was acquired by Nearmap. References to Betterview, the company, or its products have been maintained for historical accuracy. Betterview is now the primary solution for the insurance industry at Nearmap.
Insurers need comprehensive hurricane insights to protect customers and build resilience amidst increasing storm severity. Betterview has the answer: our Property Intelligence Platform includes centralized historical event data, climatic hazard data, and other relevant factors in a single screen. Explore our vast selection of Hurricane Risk Insights today, including AI-powered risk scores and third-party hazard data from trusted partners.
Identify Structural Risk Drivers with Computer Vision
To determine a property’s overall risk of hurricane damage, we first need to understand property-level vulnerability—the factors on a property that determine the extent of damage it will experience during a hurricane. Our computer vision models analyze aerial imagery to identify property vulnerability, spotlighting factors like tree overhang, defensible space, and roof condition. All relevant spotlights are combined into our Hurricane Vulnerability Score, which is trained on historical claims/damage. Graded from 1 (most vulnerable) to 5 (least vulnerable), this score is a single, reliable indicator of every property’s hurricane vulnerability, empowering insurers to:
- Expand Profitability: Confidently provide coverage in coastal regions avoided by other insurers. Anticipate future loss payouts while growing your business and serving new customers.
- Price More Accurately: Utilize our pre-filed Hurricane Vulnerability Score for state rate filings to optimize pricing based on each property’s hurricane
- Predict and Prevent: Proactively advise policyholders with highly vulnerable properties to mitigate risk, prevent losses, and strengthen customer relationships.
The predictive power of the Hurricane Vulnerability Score is well-documented. During Hurricane Ida in 2021, we examined two adjacent properties with different scores. The higher-scoring property was relatively unscathed, while the lower-scoring property experienced major roof and structural damage, demonstrating that our hurricane Vulnerability Score is a clear indicator of future damage. High-risk properties (scoring a 1) were nearly 4 times more likely to experience damage than low-risk properties (scoring a 5). Betterview’s predictive scores provide crucial information for insurers writing business in coastal regions. Read our hurricane white paper to learn more.
Partner Data: Completing the Picture of Risk
Distinct from vulnerability but just as important, hazard refers to the likelihood a property will experience a hurricane based on geographic and other contextual factors. Through our partner program Partner Connect, Betterview has collected hazard data from trusted third-party providers, including:
- Guidewire (HazardHub): Detailed scoring and grading of hurricane risk, including factors like barometric pressure, wind speed, and number of past hurricanes in the area.
- Augurisk: Hurricane risk assessments and reports based on historical records and comprehensive impact maps.
- FEMA: Holistic assessment of risk based on expected annual loss, social vulnerability, and community vulnerability to hurricane damage.
Considering both factors – structural vulnerability and regional hazard – gives the most complete picture of real hurricane risk. A property might have high vulnerability due to its roof materials, for example, but because it is in a low-hazard region its total risk level is reduced. Alternatively, a low-vulnerability property might see increased risk in a particularly volatile hazard region.
Thanks to our extensive selection of partner data and our AI-powered vulnerability scores, you can confidently assess risk without blind spots. Effect immediate, strategic policy decisions, reduce avoidable losses, and better serve your customers today with Hurricane Risk Insights. Reach out today to schedule a demo.