Insurtech provider Betterview has announced the launching of a new Catastrophe Response System (CAT-RS) which will help improve their catastrophe response approach and optimise the efficiency of claims processes.
According to the firm, this new system will help to solve many of the greatest challenges insurers face when responding to natural catastrophe (CAT) events.
Leveraging a combination of machine learning (ML), high-quality aerial imagery, and third-party data, CAT-RS shows CAT impact in near real-time.
It accurately predicts which properties and structures are most likely to be impacted based on conditions and characteristics prior to the event, and allows rapid visual verification of actual property damages post-event.
This tool will aid claims teams to allocate cat resources more effectively; keep good communication and help customers recover from tragedy faster and easier; and to more accurately predict claims losses near-real-time and cut loss-adjustment expenses (LAE).
Jason Janofsky, VP of engineering at Betterview, said: “Our system tells insurers everything they need to know about CAT impact, before, during, and after the event.
“We use trusted public and private data to pull in the latest projection of CAT events and to quantify the potential losses based on the estimated replacement cost of each structure.
“Following the event, we utilise aerial imagery that is available within 24-48 hours from the most reputable, comprehensive aerial map providers in the world, together with our proprietary computer vision and new damage classifiers to analyse damages.
“This allows us to more accurately and promptly predict actual losses and help insurers reduce claims cycle time.”
According to Betterview, CAT-RS will empower insurers to evolve from a slow and reactive catastrophe response approach to a fast and proactive approach with their customers at the centre.
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