In an effort to “enhance its ability to write business and service claims” utilizing artificial intelligence (AI) and UAS technology, Nationwide is making a new venture capital investment in Betterview, an AI and UAS technology company.

According to Nationwide, its investment in Betterview is part of its commitment to finance more than $100 million of venture capital in “customer-centric solutions” that help members. 

“Drones and artificial intelligence will play a critical role in meeting the needs of our customers in the future of both underwriting and claims response. It’s why we’re so excited about this partnership with Betterview,” says Scott Sanchez, Nationwide’s chief innovation officer.

“These capabilities will drive faster response in the wake of catastrophic events, enhanced underwriting sophistication for day-to-day business and a better overall experience for our members.”
 
Nationwide’s venture investment is being used to extend Betterview’s machine learning platform across more data sources to unlock “valuable insight” about commercial and residential properties for P&C insurers and reinsurers.

By analyzing satellite, aerial and UAS imagery, Betterview’s machine learning platform generates data and analytics on building and property conditions, characteristics, and potential hazards. An organization can use this information for things such as loss control and underwriting, as well as claims and catastrophe response.
 
“After assessing many other companies in the marketplace, we quickly noticed how Betterview’s experience translated into significantly better software, services, and data for insurers like Nationwide,” explains Erik Ross, leader of Nationwide’s venture capital team.

“When we first met the team, their sole focus was on using drones to transform how buildings and properties were inspected. They have since evolved by enhancing artificial intelligence capabilities, building a mobile app, developing a roof risk score, and integrating various third-party data providers to put historical weather, property hazard risks, and building information at the customer’s fingertips.”