Geospatial solutions provider Nearmap is bolstering its insurance capabilities with an agreement to acquire insurtech company Betterview.
Based in San Francisco, US, Betterview is engaged in offering property intelligence and risk management solutions to the insurance industry.
The company leverages computer vision and artificial intelligence (AI) to enhance and automate the underwriting and inspection processes, as well as to detect and reduce property risk.
For Nearmap, which was established in Australia in 2007 and expanded to the US in 2014, the acquisition forms part of its global growth strategy.
Nearmap said the acquisition will strengthen its position as a provider of imagery intelligence, data and solutions, and enhance its capabilities for partners and insurance clients.
The companies together aim to facilitate the development of insurance solutions, improve underwriting, mitigate risks, provide deeper analytics, and enhance visualisation and interpretation of property attributes.
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Nearmap CEO Andy Watt 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.
“This is a significant milestone in our ongoing efforts to innovate solutions for insurance carriers, and expand our presence within the property and casualty space.”
Betterview co-founder and CEO David Lyman said: “Combining the offerings of two best-in-class providers will deliver greater impact for insurers. The acquisition of Betterview by Nearmap will increase access to premium imagery and cutting-edge, scalable property intelligence solutions for the insurance industry.”
Completion of the acquisition is subject to regulatory approvals.
At the start of this year, Betterview raised an undisclosed amount of funding from existing backers EMC Insurance, Guidewire Software, Nationwide, MaidenRE and ManchesterStory.
In July 2022, Nearmap and Betterview teamed up to offer a remote damage assessment solution for insurers.