Two carriers make insurtech deals to boost emerging tech
Two insurance companies have announced deals with insurtech companies with the goal of implementing next-generation digital technologies.
Munich Re has entered a drone partnership with BetterView. As part of the agreement, the reinsurer will refer insurance clients to BetterView that stand to benefit from the analytical insights it provides for claims and underwriting via drone imagery. The insurtech also offers a cloud-based dashboard for clients to organize, store and review captured images.
“We are always looking to collaborate and drive innovation activities with our insurance company clients,” said Tim Brockett, SVP, Munich Re, in a statement. “We believe that BetterView’s commitment to creating value for the insurance industry really sets them apart from their competitors in the drone space, delivering high-level data, analysis and insights into buildings and properties.”
Betterview, founded in 2014, has completed 15,000 property inspections for more than 90 insurance clients. The company currently holds 1.5 million archived images, an on-demand network of 4,400 pilots and has invested in the expansion of its engineering and operations teams in recent months. The move has allowed the company to “Broaden machine learning/computer vision capabilities, create new partnerships and launch a soon to be released version two of our mobile application,” it says.
In other news, Good2Go Auto Insurance is collaborating with industry startup LifeSaver to fight distracted driving.
LifeSaver’s smartphone app works as a behavioral changing tool, discouraging cellphone screen use at driving speeds, according to the vendor. The technology encompasses a scoring system and business dashboard, which instantly connects to all drivers’ cellphones. Policyholders proven to be less of a risk will receive premium discounts. If the app is deleted or scores for under certain levels, due to violations like texting, drivers will lose their discount.
“Distracted driving continues to be a threat to our public safety,” said Joe DeLago, CEO of Good2Go, in a statement. “With the LifeSaver mobile app, Good2Go Auto Insurance’s direct policyholders now have a simple way to ignore the urge to use their phones while driving. This type of technology is vital if we are to continue to combat this epidemic.”
Good2Go, Based in Atlanta, Georgia, offers basic liability and collision coverage nationwide.