Floodbase selected by FEMA: Insurtech news roundup

March 8, 2023 12:02 PM

A pedestrian in the Financial District of New York, US, on Friday, Jan. 27, 2023. Stocks ticked higher on Friday as fresh data that bolstered hopes for the Federal Reserve to downshift aggressive rate hikes overcame earlier concerns about weak company earnings. Photographer: John Taggart/BloombergUS stocks extended their drop as investors cautiously stepped into a week that includes the Federal Reserve’s interest-rate decision and earnings from big-tech companies including Apple Inc. and Alphabet Inc. Photographer: John Taggart/Bloomberg — A pedestrian in the Financial District of New York on Jan. 27, 2023.

Floodbase will be a national provider of real-time flood data and analysis for the Federal Emergency Management Agency to support the National Flood Insurance Program. "Flooding is devastating for households and communities," said Jeffrey Jackson, FEMA's Acting Assistant Administrator for Federal Insurance, which oversees the delivery of flood insurance for the NFIP, in a statement. "I look forward to exploring with Floodbase how their predictive and post-flood analysis can help us more quickly understand a major flood event so we can make timely decisions to support our policyholders."

Betterview is partnering with Carpe Data on location-based occupancy data. Betterview will leverage the Merva solution from Carpe Data, which provides predictive analytics and risk assessment information based on a business's online presence. "In this industry, knowledge is power," says Dave Tobias, chief operating officer and co-founder of Betterview, in a statement. "Insurers need to be confident that they are working with the most up-to-date and accurate information available on a property. Our platform provides a significant amount of that information – aerial imagery, computer vision spotlights, comprehensive risk scores, to name a few – but we are always looking for additional partners to enrich our offering. We are super excited to be working alongside Carpe Data, and to use their occupancy data to give insurers an even more complete view of real property condition and risk."

101 Weston Labs, an insurtech accelerator founded by the Independent Insurance Agents of North Carolina, is accepting applications for its first cohort of technology companies focused on AI and data science. The accelerator will link participant companies to insurance agency distribution channels and offer weekly business development workshops. The early application deadline is March 31.

Openly is teaming up with Artigem to leverage its personal property contents software, Streamline. The technology connects carriers and third-party vendors for a smoother claims process. "Openly and Artigem share a commitment to innovation and we're thrilled to integrate Artigem's intuitive and user-friendly solution for automated content claims management as Openly continuously seeks to offer a market leading claims process that combines best in class technology with excellent service," said Openly's VP, Claims, Gina Reyes, in a statement.

Cumberland Mutual Fire Insurance is contracting Marias Technology to test changes and updates to the insurer's system including quality assurance and user acceptance testing. "What attracted us to Marias was their high level of experience testing software systems for companies like us," said Noel Young, assistant vice president, Strategic Business Unit, at Cumberland, in a statement. "The Marias team knows our system. So, they were able to get to work immediately with no ramp-up time."

Kaitlyn Mattson

Managing Editor, Digital Insurance