Midwest Family Mutual Insurance Company Adopts Betterview Property Intelligence & Risk Management Platform
Nov 2022
Midwest Family Mutual Insurance Company chooses Betterview platform to predict and prevent losses improve expense ratio and better customer experience.
Nov 2022
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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.
Midwest Family Mutual Insurance Company, a provider of coverage across twenty four states for over 100 years, today announced they have selected insurtech company Betterview to better analyze risk in their book of business, reduce expenses, and improve their loss ratio.
One of the greatest challenges facing mutual insurers in recent years is worsening loss ratios due to roof-related losses, especially in Midwestern states. Understanding roof condition is crucial to determining overall property risk, but physical inspections often fail to deliver a comprehensive view. To improve their own loss ratio, Midwest Family needed a toolset that enabled them to analyze real risk drivers and subsequently take immediate, strategic policy action.
“The Betterview Property Intelligence Platform fulfills all of these requirements,” according to Mike Carey, vice president of underwriting at Midwest Family. “Betterview gives us a complete and actionable picture of every property in our book. This will empower our underwriters to work more efficiently and price risk more appropriately, and prevent future losses while simultaneously improving our expense ratio. We are also excited to use Betterview’s unique combination of aerial imagery and computer vision to respond more rapidly to catastrophic (CAT) events and everyday losses, and to detect fraudulent claims before they are paid.”
The Betterview team is confident that their platform can help Midwest Family and other mutual insurers to deal with these challenges. “As the nature of global risk changes, insurance companies are evolving too,” says David Tobias, co-founder and chief operations officer at Betterview. “Insurers are facing the same problems as ever – premium leakage, lack of visibility, fraudulent claims – but now they have access to a whole new category of smart, data-informed tools to solve them. We call these tools collectively ‘property intelligence,’ and we are proud that they are going to allow insurers to boost efficiency, predict and prevent losses, and build a stronger customer experience.”