Claims Processing is Streamlined for Consumers and Insurers Thanks to Hosta A.I. and Verisk Solutions Integration

Rhea-AI Summary

Hosta A.I. has announced its integration with Verisk to streamline the remote property assessment process. This integration will be showcased at Verisk Elevate 2023 in Salt Lake City, Utah, on February 7-8. Hosta A.I.'s technology allows policyholders to upload just 4-6 images per room, enabling quick damage detection and cost estimation without the need for onsite assessments. This innovation aims to enhance the efficiency of claims processing for insurers and improve the overall claims experience. Hosta A.I. emphasizes the goal of making property assessments faster and more convenient for all stakeholders involved.

Company leaders attend premier insurance industry event, Verisk Elevate 2023, to promote important attributes of new integration

BOSTON & LEHI, Utah--(BUSINESS WIRE)-- Hosta A.I., an advanced solution for automated property assessments, today announced an integration with Verisk’s solutions to automate the end-to-end remote property assessment and estimation process.

Hosta and Verisk will promote the news of their new integration during Verisk Elevate 2023 in Salt Lake City, Utah, on February 7-8. The event gathers top insurance industry thought leaders, skilled professionals and expert product specialists to discuss market trends and learn about new industry innovations, such as this one.

Whenever a property claim is filed, a claims representative must go to the loss site to assess the damage and estimate the repair costs. Going onsite to evaluate the structure, collect detailed measurements, itemize all the materials, and document any damage or risks is time-consuming and costly. These in-person property assessments delay billions of dollars of work in the built-environment economy. With Hosta A.I., the policyholder captures just 4-6 images per room, and Hosta automatically generates an Xactimate Sketch and detects damage.

The Hosta A.I. patented technology complements Verisk’s cost estimation solutions. By integrating Hosta A.I.’s automated property assessment solution with Verisk’s leading-edge solutions, industry professionals have access to all the data they need about a loss from just a few photos uploaded by the policyholder. The integration provides policyholders with a more seamless claims process and can accelerate the insurance company approval process.

“Verisk and Hosta A.I. are committed to making claims processing more efficient for insurers and improving the claims experience for all stakeholders, including the policyholder,” said Aaron Brunko, senior vice president at Verisk Property Estimating Solutions. “Adding Hosta’s AI-powered automated assessments to our robust suite of solutions offers our customers an easy and convenient way to assess properties and expedite claim resolution.”

“We’re excited to attend Verisk Elevate 2023 to share the news of our integration with Verisk,” Henriette Fleischmann, COO of Hosta A.I. “Our patented image-capture technology can enable the acceleration of claims estimation and make it easier for both the insured and the adjuster to settle a claim without going onsite.”

About Verisk

Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance industry. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About Hosta.ai

Established in 2020, Hosta is on a mission to provide a human-like perception of the built environment to people and businesses with fast, accessible and trusted information about their built surroundings. Hosta helps companies that need fast and accurate data about the built environment accelerate their businesses with remote and automated property assessments. The Hosta A.I. Assessment Platform uses patented A.I. spatial and material analysis to automate property assessments from just a few simple photos. To learn more about Hosta, please visit www.hosta.ai.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005401/en/

Verisk Media Contact:

Ali Herbert

ali.herbert@verisk.com

201-469-3998



Hosta A.I. Media Contact:

Gaffney Austin, LLC

Alyson Austin

alyson@gaffneyaustin.com

(949) 403-0484

Source: Hosta A.I.

FAQ

What is the integration between Hosta A.I. and Verisk about?

The integration automates the end-to-end remote property assessment and estimation process, allowing policyholders to submit just a few images for damage evaluation.

When is Verisk Elevate 2023 taking place?

Verisk Elevate 2023 is scheduled for February 7-8 in Salt Lake City, Utah.

How does Hosta A.I. improve the claims process?

Hosta A.I. enables quicker property assessments by allowing policyholders to capture a few images, which speeds up damage detection and claim approvals.

What are the benefits of using Hosta A.I. and Verisk's integration?

The integration provides a streamlined claims process, enhances efficiency for insurers, and improves the experience for policyholders.

What key technology is utilized by Hosta A.I.?

Hosta A.I. uses patented image-capture technology to automate property assessments and generate cost estimates.

Which company trades under the stock symbol VRSK?

Verisk trades under the stock symbol VRSK and provides data-driven analytic solutions for the insurance industry.