HOVER, a complete measurement solution for interior and exterior property claims, has partnered with global data analytics provider Verisk to provide an end-to-end automated virtual claims solution.
Verisk provides data-driven analytic insights and solutions for the insurance and energy industries.
HOVER is developing a comprehensive and usable data set of physical property to deliver a simpler more transparent home improvement experience.
The partnership, according to Verisk, will allow insurance professionals to leverage advanced technology and automation to help reduce the number of manual inputs and processes, resulting in an improved estimating accuracy and reduced cycle times for the first notice of loss.
HOVER has virtualised the claims lifecycle for both interior and exterior claims, allowing carriers to enable their policyholders to capture photos of their property directly from Verisk’s Xactimate solution.
These photos, which provide additional insights that lead to a quick and efficient settlement, are transformed by HOVER into a full package of measurements and automatically delivered into Xactimate.
Dean Riskas, vice president of corporate and business development at HOVER, said, “Insurance professionals are contending with a shortage of experienced adjusters, rising costs, and traditional processes that require a number of manual inputs.
“In an industry where every possible efficiency can help accelerate the restoration of a homeowner’s property back to its original state, the need to automate and virtualize the claims process has never been greater. We’re proud to collaborate with Verisk to build on our current integration and empower carriers in their digital transformation.”
Aaron Brunko, senior vice president at Verisk, Property Estimating Solutions, added, “Our team is excited to continue including HOVER among our extendable solutions that seamlessly connect to our products and services that insurers, adjusters, and restorers use every day.
“With this collaboration, we can help expedite cost estimation and streamline the entire insurance adjustment, claim, and repair process— giving carriers more time to focus on their business, and getting policyholders back in their homes faster than ever.”
Earlier this month, Tractable, an applied AI company, partnered with Verisk to offer AI-powered estimates for property damage.
Copyright © 2023 FinTech Global
