An Industry First, Matterport TruePlan™ for Xactimate® Accelerates Property Loss Estimation by 4x to Help Shorten Insurance Claims Cycle

Rhea-AI Summary

Matterport has launched TruePlan™ for Xactimate, a groundbreaking service designed to enhance productivity for restoration contractors. This innovative tool allows users to create accurate property sketches in one click from existing Matterport 3D scans, leading to up to 5x productivity gains and a 33% improvement in sketch accuracy. With TruePlan, contractors can estimate losses up to 4x faster, significantly accelerating the insurance claims process. This solution aims to streamline operations within the restoration and insurance industries, enhancing overall efficiency and accuracy.

Positive

• Matterport TruePlan accelerates estimation process by 4x.
• Eliminates manual sketching, improving productivity by 5x.
• Increases sketch accuracy by 33%, benefiting restoration contractors.

Negative

• None.

Restoration contractors can realize 5x productivity gains in sketch time, increase accuracy of sketches by 33% and estimate losses 4x faster

SUNNYVALE, Calif., April 8, 2021 /PRNewswire/ -- Matterport, the spatial data company leading the digital transformation of the built world, today made TruePlan™ for Xactimate^® available to its customers. A first-of-its-kind service, Matterport TruePlan eliminates the need for restoration contractors to manually sketch properties, accelerating the estimation process by 4x and shortening the insurance claims cycle. TruePlan generates accurate sketches of any space in one click, right from a Matterport 3D model already scanned by customers to visually document damage. According to a recent report from ATI Restoration, a Matterport 3D scan combined with TruePlan helped them realize 5x productivity gains in sketch time, increase accuracy of sketches by 33% and estimate losses 4x faster.

"Matterport has quickly established itself as a leading platform for insurance and restoration. We're taking another big step into these industries with TruePlan for Xactimate," said Indy Sen, Vice President of Product Marketing at Matterport. "We're not only helping companies save time and money estimating damage, but accelerating the time it takes for claims to be processed which ultimately helps people get back into their restored homes or offices faster."

Xactimate^® software by Verisk is widely used by insurance companies and their adjusters to calculate building damage, estimate repair and rebuilding costs, generate property loss estimates and put together claim settlement offers. The traditional method of documenting a site is time-consuming and costly, with estimators manually sketching the property with graph paper, a tape measure and digital camera. In addition to the hours it takes to produce a sketch, most companies average three days after the site visit to complete the estimate.

"The days of paper and pencil or Xactimate sketching on site are over," said Robert Harrell, Director of Operational Improvements and Technology at ATI Restoration. "The combination of Matterport 3D scans and TruePlan for Xactimate efficiently produces the accurate, strategic data we need to estimate losses about four times faster."

Today, many restoration companies already scan properties using Matterport and use the 3D model, or digital twin as visual documentation in lieu of photos and video. With the addition of TruePlan, customers can now generate an Xactimate-compatible file (.SKX) from the same scan in just one click. Within 48 hours, a complete and accurate as-built sketch of the property is delivered and can immediately be uploaded into Xactimate.

"Not only does Matterport TruePlan eliminate the need for, and cost of, manually sketching, it helps us optimize our staff, especially when catastrophic events occur," said Ted Foster, Director of Training at BELFOR. "TruePlan allows our team to scale quickly and opens us up to larger and higher volume claims."

To find out how to order a TruePlan and import it into Xactimate, read our blog. Watch this video then visit our website to learn why the Matterport 3D platform is being adopted by Restoration and Insurance customers.

About Matterport
Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.

In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed business combination, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR."

Matterport Media Contact:
Naomi Little
Global Communications Manager
press@matterport.com 
+44 203 874 6664

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination between Gores Holdings VI, Inc. ("Gores") and Matterport, Inc. ("Matterport"), including statements regarding the benefits of the proposed business combination, the anticipated timing of the proposed business combination, the services offered by Matterport and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores' or Matterport's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Gores' securities; (ii) the risk that the proposed business combination may not be completed by Gores' business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Gores; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by Gores' stockholders, the satisfaction of the minimum trust account amount following redemptions by Gores' public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the effect of the announcement or pendency of the proposed business combination on Matterport's business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of Matterport and potential difficulties in Matterport employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against Gores or Matterport related to the agreement and plan of merger or the proposed business combination; (vii) the ability to maintain the listing of Gores' securities on the NASDAQ; (viii) the price of Gores' securities, including volatility resulting from changes in the competitive and highly regulated industries in which Matterport plans to operate, variations in performance across competitors, changes in laws and regulations affecting Matterport's business and changes in the combined capital structure; and (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in Gores final proxy statement/information statement/prospectus contained in the registration statement on Form S-4, including those under "Risk Factors" therein, and other documents filed by Gores from time to time with the U.S. Securities and Exchange Commission (the "SEC"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Gores and Matterport assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Gores nor Matterport gives any assurance that either Gores or Matterport will achieve its expectations.

Additional Information and Where to Find It

In connection with the proposed business combination, Gores has filed a registration statement on Form S-4 that includes a proxy statement of Gores, an information statement of Matterport and a prospectus of Gores. The proxy statement/information statement/prospectus is not yet effective. The definitive proxy statement/information statement/prospectus, when it is declared effective by the SEC, will be sent to all Gores and Matterport stockholders as of a record date to be established for voting on the proposed business combination and the other matters to be voted upon at a meeting of Gores' stockholders to be held to approve the proposed business combination and other matters (the "Special Meeting"). Gores may also file other documents regarding the proposed business combination with the SEC. The definitive proxy statement/information statement/prospectus will contain important information about the proposed business combination and the other matters to be voted upon at the Special Meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Before making any voting decision, investors and security holders of Gores and Matterport are urged to read the registration statement, the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about the proposed business combination.

Investors and security holders will be able to obtain free copies of the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Gores through the website maintained by the SEC at www.sec.gov, or by directing a request to Gores Holdings VI, Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou or by contacting Morrow Sodali LLC, Gores' proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).

Participants in Solicitation

Gores and Matterport and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Gores' stockholders in connection with the proposed business combination. Information about Gores' directors and executive officers and their ownership of Gores' securities is set forth in Gores' filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed business combination may be obtained by reading the proxy statement/information statement/prospectus regarding the proposed business combination. You may obtain free copies of these documents as described in the preceding paragraph.

Disclaimer

This document relates to a proposed business combination between Gores and Matterport. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

View original content:http://www.prnewswire.com/news-releases/an-industry-first-matterport-trueplan-for-xactimate-accelerates-property-loss-estimation-by-4x-to-help-shorten-insurance-claims-cycle-301265115.html

SOURCE Matterport

FAQ

What is TruePlan for Xactimate?

TruePlan for Xactimate is a new service from Matterport that enables restoration contractors to create accurate property sketches quickly using 3D scans.

How does TruePlan improve the estimation process?

TruePlan allows users to generate sketches in one click, resulting in a 4x faster estimation process compared to traditional methods.

What productivity gains can contractors expect from using TruePlan?

Contractors can achieve 5x productivity gains in sketch time and a 33% improvement in sketch accuracy.

When was TruePlan for Xactimate launched?

TruePlan for Xactimate was launched on April 8, 2021.

What are the implications of TruePlan for restoration companies?

TruePlan is expected to streamline the estimation process, reduce operational costs, and accelerate insurance claims, benefiting restoration companies significantly.

What company is behind TruePlan for Xactimate?

TruePlan for Xactimate is developed by Matterport, a company focused on the digital transformation of the built environment.