Nearmap, a prominent Australian provider of location intelligence and aerial imagery solutions, has unveiled plans to acquire Betterview, a leading company in property intelligence and risk management platforms within the insurance industry.
This move aims to amplify Nearmap's existing insurance solution, echoing a significant moment in its global growth strategy laid out in 2007.
Betterview's proprietary technology utilises artificial intelligence (AI) and computer vision to aid the identification and mitigation of property risk. This innovation not only enhances the underwriting and inspection workflows but also contributes towards improving the customer experience.
With the acquisition, customers and partners will have ready access to this technology, aiding faster and more precise underwriting and allowing a more efficient development of insurance solutions and capabilities.
Andy Watt, the CEO of Nearmap, opined about the increased risks presented to Australia by natural disasters such as bushfires and floods, and the increasingly complex landscape of their insurance. He notes the importance of data-driven decisions within this framework.
Drawing particular attention to this acquisition, Watt said, "Nearmap's acquisition of Betterview will help us bring even more powerful insurtech solutions to the market. Insurers will be able to deliver more personalised, efficient service to policyholders by empowering their teams with deep-tech disaster intelligence to stay ahead of the curve."
Indeed, Watt hailed the acquisition as a transformative occurrence for the industry. Additionally, he said, "Integrating the Betterview platform and AI solutions into the Nearmap technology stack will enable better visualisation of the truth on the ground with a richer, more powerful set of AI capabilities that combine the best of both companies."
Betterview's trusted presence within the insurance sector is an important consideration. The team of two best-in-class providers will indeed create a significant impact for insurers, stated David Lyman, the CEO of Betterview. Echoing similar sentiments, Betterview's COO, Dave Tobias, also expressed optimism about the positive outcomes the acquisition will bring to their customers.
With the integration, Nearmap and Betterview will harness the comprehensive capabilities of both dynamic tech solutions. Apart from the continued impact of creating more efficient insurance solutions, the joined forces will also work on the enhanced visualisation and interpretation of over 100 AI-powered property attributes.
Further, they will promote deeper analytics, with more up-to-date and regular insights that are easily accessible within a browser, or integrated with existing underwriting or claims systems.
The financial details of this strategic acquisition have not been disclosed. The completion of the transaction is subject to closing conditions that are customary in such deals.