Arden Insurance improved its loss ratio and underwriting time
Sep 2024
How an MGA, Arden Insurance Services, uses the Betterview platform to improve underwriting capability and efficiency.
Sep 2024
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Arden's ROI
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The challenge
Risk transparency
Arden was experiencing several challenges common to managing general agents (MGAs):
Inspection inefficiencies: Physical inspections are costly, have relatively long turnaround times, and can be inaccurate. They also do not look at every single building in residential condos.
Underwriting clarity: Accurate and granular property-level information is necessary to make confident underwriting decisions. Instead, Arden had to rely on post-bind physical inspections to confirm underwriting decisions.
To maintain the quality of its portfolio during a period of rapid growth, Arden turned to the Betterview platform to:
- Provide their underwriters with the most detailed and accurate property-level information to make faster and smarter underwriting decisions.
- Minimize the need for physical inspections at quoting.
- Maintain profitability while reducing expenses, build a stronger relationship with their insurers, and take on more business.
The solution
A comprehensive underwriting platform
Arden had experience with other insurtech companies and tools, but the Betterview platform outperformed the competition — it gave the underwriters a clear, granular, and actionable view of real property condition.
- Computer vision and machine learning models applied to high-resolution and frequent imagery analyze property condition and spotlights areas of interest.
- The Roof Spotlight Index (RSI) scores each roof on a property on a scale of 1 to 100. With an intuitive user interface (UI), underwriters at Arden can see why buildings received a specific score.
- An enhanced view of risk allows Arden to determine which properties need physical inspections, and which can be straight-through-processed.
- Third-party geospatial data integrations through Betterview’s Partner Connect program enable Arden’s underwriters to access public and commercial property information. Featuring datasets from partners like RedZone, e2Value, U.S. Fire Administration, and more, Partner Connect enriches the native insights of the platform, leading to a better understanding of real property risk and huge time savings for underwriters.
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We love the transparency of the Betterview Roof Spotlight Index. We can see the specific reasons, sizes, and locations, whether they be roof staining, missing shingles, tree overhang, or whatever it may be. It really improves the communication between our underwriters, agents, and the insured.
Louise Tebelekian
Chief Underwriter, Arden
The impact
Better loss ratio & inspection efficiency
Arden empowers their underwriters to make faster, smarter decisions by providing them with the most accurate property information available on the Betterview platform. With this data they can determine precise risk for each policy, and strategically deploy inspection teams to the highest-risk properties.
Within several months of using Betterview, Arden saw outstanding results:
The improvement in efficiency is evident in Arden’s day-to-day operations by being able to reduce the time spent on underwriting policies and minimizing the need for physical inspections. They enjoy working with the Betterview platform and are looking forward to taking more steps to predict and prevent losses and continue improving operational efficiency.
The improvement in efficiency is evident in Arden’s day-to-day operations by being able to reduce the time spent on underwriting policies and minimizing the need for physical inspections. They enjoy working with the Betterview platform and are looking forward to taking more steps to predict and prevent losses and continue improving operational efficiency.
Improve underwriting efficiency with complete property intelligence
Betterview is the property intelligence and risk management platform for P&C insurance. Optimize pricing, quoting, underwriting, renewals, and claims by applying AI and computer vision to high-resolution aerial imagery.
Betterview helps you write more profitable business, reduce expenses, and mitigate risk.
About Arden Insurance Services
Arden Insurance Services is a Managing General Agency (MGA) specializing in insuring residential condominium associations in the Western United States and certain states in the Midwest. Arden is committed to using state-of-the-art technology to enable their underwriters to leverage information before they issue a quote.