Nearmap, a location intelligence and aerial imagery solutions provider, has recently inked a deal to acquire Betterview, a key player in the property intelligence and risk management platform within the insurance sector.
Established in Australia in 2007, Nearmap has expanded into the US in 2014 to facilitate enhanced visualisation of ground realities for informed business decision-making.
The current development signifies a significant stride in Nearmap's global growth strategy, augmenting its capabilities for insurance customers and partners.
“The Nearmap acquisition of Betterview is transformative for the industry,” said Nearmap CEO Andy Watt. “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 a significant milestone in our ongoing efforts to innovate solutions for insurance carriers and expand our presence within the property and casualty space.”
Betterview utilises AI and computer vision to identify and mitigate property risk, streamline underwriting and inspection workflows, and enhance customer experiences.
The acquisition is seen as a collaboration of two premier providers that will deliver heightened impact for insurers. It aims to streamline the development of insurance solutions, accelerate underwriting processes, and enhance risk mitigation through efficient property condition identification.
“Combining the offerings of two best-in-class providers will deliver greater impact for insurers,” said Betterview co-founder and CEO David Lyman. “The acquisition of Betterview by Nearmap will increase access to premium imagery and cutting-edge, scalable property intelligence solutions for the insurance industry.”
The synergy between Nearmap and Betterview will leverage leading image intelligence and property risk-management technology solutions. This includes a historical archive for change analysis, comprehensive post-catastrophe imagery, and AI attributes, ensuring customers and partners benefit from increased certainty and clarity.
“We are optimistic about the outcomes this acquisition will bring to our customers, the potential for developing even greater products together, and the impact it will have on the future of the insurance industry,” said Betterview co-founder and COO Dave Tobias.
The completion of the acquisition is contingent on customary closing conditions, with the financial terms of the deal undisclosed. Jefferies served as the exclusive financial advisor to Betterview in this transaction.
