Lumen Risk Services partners with insurtech Betterview for ready access to critical property underwriting data
DALLAS, June 10, 2021 – Lumen Risk Services, the MGA and commercial program administrator, today announced it is partnering with Betterview to strengthen and accelerate its commercial property underwriting capabilities.
The new relationship provides Lumen’s underwriting team with access to building-level detections on multi-family properties from Betterview’s Remote Property Intelligence Platform, enabling the MGA to develop more comprehensive risk profiles from quoting through post-bind. This capability aligns with the focus of Lumen’s leadership on bringing insurance products to the marketplace in new and innovative ways.
Notably, Lumen’s underwriting platform readily integrates a wide range of third-party data sources—from risk characteristic confirmation to weather analytics and catastrophe modeling. Similarly, Betterview’s Remote Property Intelligence Platform draws on multiple data sources–including a 100 point Roof Condition Score powered by proprietary Computer Vision technology–to turn data into actionable insights, helping underwriters improve their loss and expense ratios and facilitating a more engaged and transparent customer experience.
“The team at Betterview has done the hard work of building the type of platform we used to dream of as property underwriters,” said Scott Whitaker, CEO, Lumen Risk Services. “In many respects, it’s perhaps even better than being on-site, because you combine the power of machine learning and image analysis with other centralized loss control data points to guide you down the underwriting path.”
“Our two companies share a common vision on how new technologies powered by machine learning and geo-intelligence can help transform the property/casualty insurance industry from a ‘repair and replace’ mindset to a ‘predict and prevent’ approach,” said David Tobias, co-founder and COO, Betterview. “The foundation of that approach needs to be strong relationships, and we look forward to working with the visionary team at Lumen to bring innovative solutions to the industry.”
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Betterview was founded with the mission of helping P&C carriers better identify and manage property risk. It was created with a deep, first-hand understanding of the challenges that carriers have faced in obtaining high-quality, actionable insight. Betterview’s remote property intelligence platform enables carriers to provide a better experience to their insureds and agents while improving their bottom line.
About Lumen Risk Services
Lumen Risk Services is a program administrator based in Dallas, TX. A leader in innovation, Lumen combines extensive underwriting experience in niche classes of business with creative digital thinking to deliver new value propositions and alignment for all stakeholders in the commercial programs space.