Hover Expands Offerings within Verisk's Xactimate to Advance Property Claims Efficiency
Hover, a 3D property data company, announced expanded collaboration with Verisk (VRSK) to enhance property claims management through its Xactimate platform. The integration includes new features: Hover Inspections and Guided Estimates, designed to streamline adjuster workflows and improve accuracy.
The expansion addresses critical industry challenges including labor shortages, increasing catastrophic events, and longer claim settlement times. According to recent data, global losses exceeded $300 billion for the eighth consecutive time in 2023, while claims take an average of 22 days to settle, extending to 34 days after catastrophic events.
The new features enable photo-driven checklists for loss documentation and automated generation of material line items and quantities, all integrated within Xactimate. This aims to improve efficiency in claims processing and enhance policyholder experience.
Hover, un'azienda di dati immobiliari 3D, ha annunciato una collaborazione ampliata con Verisk (VRSK) per migliorare la gestione delle richieste di risarcimento attraverso la sua piattaforma Xactimate. L'integrazione include nuove funzionalità: Hover Inspections e Guided Estimates, progettate per semplificare i flussi di lavoro degli aggiustatori e migliorare l'accuratezza.
Questa espansione affronta sfide critiche del settore, tra cui la carenza di manodopera, l'aumento degli eventi catastrofici e tempi di liquidazione delle richieste più lunghi. Secondo dati recenti, le perdite globali hanno superato i 300 miliardi di dollari per l'ottava volta consecutiva nel 2023, mentre le richieste impiegano in media 22 giorni per essere liquidate, estendendosi a 34 giorni dopo eventi catastrofici.
Le nuove funzionalità consentono liste di controllo basate su foto per la documentazione delle perdite e la generazione automatizzata di articoli di materiale e quantità, tutto integrato all'interno di Xactimate. Questo mira a migliorare l'efficienza nel trattamento delle richieste e a migliorare l'esperienza dei contraenti.
Hover, una empresa de datos de propiedades en 3D, anunció una colaboración ampliada con Verisk (VRSK) para mejorar la gestión de reclamaciones de propiedades a través de su plataforma Xactimate. La integración incluye nuevas funciones: Hover Inspections y Guided Estimates, diseñadas para optimizar los flujos de trabajo de los ajustadores y mejorar la precisión.
La expansión aborda desafíos críticos de la industria, incluyendo la escasez de mano de obra, el aumento de eventos catastróficos y tiempos de liquidación de reclamaciones más prolongados. Según datos recientes, las pérdidas globales superaron los 300 mil millones de dólares por octavo año consecutivo en 2023, mientras que las reclamaciones tardan un promedio de 22 días en resolverse, extendiéndose a 34 días después de eventos catastróficos.
Las nuevas funciones permiten listas de verificación basadas en fotos para la documentación de pérdidas y generación automatizada de materiales y cantidades, todo integrado en Xactimate. Esto tiene como objetivo mejorar la eficiencia en el procesamiento de reclamaciones y mejorar la experiencia de los asegurados.
Hover는 3D 자산 데이터 회사로, Verisk (VRSK)와의 협력을 확대하여 Xactimate 플랫폼을 통해 자산 청구 관리의 향상을 발표했습니다. 이 통합에는 조정자 작업 흐름을 간소화하고 정확성을 향상시키기 위해 설계된 새로운 기능인 Hover Inspections와 Guided Estimates가 포함됩니다.
이번 확장은 인력 부족, 증가하는 재난 사건, 그리고 긴 청구 처리 시간을 포함한 주요 산업 문제를 해결합니다. 최근 데이터에 따르면, 2023년에는 글로벌 손실이 3000억 달러를 초과하여 8년 연속 발생했으며, 청구가 처리를 완료하는 데 평균 22일이 걸리고, 재난 사건 후에는 최대 34일이 소요됩니다.
새로운 기능은 손실 문서화를 위한 사진 기반 체크리스트와 자재 항목 및 수량의 자동 생성을 허용하며, 모두 Xactimate에 통합되어 있습니다. 이는 청구 처리의 효율성을 개선하고 보험 계약자의 경험을 향상시키기 위한 것입니다.
Hover, une entreprise de données immobilières 3D, a annoncé une collaboration élargie avec Verisk (VRSK) pour améliorer la gestion des réclamations de propriété via sa plateforme Xactimate. L'intégration comprend de nouvelles fonctionnalités : Hover Inspections et Guided Estimates, conçues pour rationaliser les flux de travail des experts et améliorer la précision.
Cette expansion répond à des défis critiques du secteur, notamment la pénurie de main-d'œuvre, l'augmentation des événements catastrophiques et des délais de règlement des réclamations plus longs. Selon des données récentes, les pertes mondiales ont dépassé les 300 milliards de dollars pour la huitième année consécutive en 2023, tandis que les réclamations prennent en moyenne 22 jours à régler, portant ce délai à 34 jours après des événements catastrophiques.
Les nouvelles fonctionnalités permettent des listes de contrôle basées sur des photos pour la documentation des pertes et la génération automatisée d'articles de matériel et de quantités, le tout intégré dans Xactimate. Cela vise à améliorer l'efficacité dans le traitement des réclamations et à améliorer l'expérience des assurés.
Hover, ein Unternehmen für 3D-Immobiliendaten, gab eine erweiterte Zusammenarbeit mit Verisk (VRSK) bekannt, um das Management von Eigentumsschäden über die Xactimate-Plattform zu verbessern. Die Integration umfasst neue Funktionen: Hover Inspections und Guided Estimates, die darauf ausgelegt sind, die Arbeitsabläufe der Schadensregulierer zu optimieren und die Genauigkeit zu erhöhen.
Die Expansion adressiert kritische Herausforderungen in der Branche, einschließlich Arbeitskräftemangel, zunehmender katastrophaler Ereignisse und längerer Bearbeitungszeiten von Schadensmeldungen. Laut aktuellen Daten überstiegen die globalen Verluste im Jahr 2023 zum achten Mal in Folge 300 Milliarden Dollar, während die Bearbeitung von Schadensmeldungen im Durchschnitt 22 Tage dauert, nach katastrophalen Ereignissen erweitert sich dieser Zeitraum auf 34 Tage.
Die neuen Funktionen ermöglichen foto-basierte Checklisten für die Verlustdokumentation und die automatisierte Erstellung von Materialpositionen und Mengen, die vollständig in Xactimate integriert sind. Dies zielt darauf ab, die Effizienz der Schadenbearbeitung zu verbessern und die Erfahrung der Versicherungsnehmer zu steigern.
- Integration with Verisk's Xactimate platform expands market reach
- New automation features could reduce claims processing time and costs
- Technology addresses industry-wide challenges in claims processing efficiency
- None.
Insights
The expanded Hover-Verisk collaboration marks a strategic enhancement to Verisk's insurtech capabilities, particularly significant given the $300 billion+ in global catastrophic losses recorded in 2023. This partnership strengthens Verisk's competitive position in the $50+ billion insurtech market while addressing critical industry pain points.
The integration's timing is particularly strategic, considering the industry's 22-34 day average claim settlement window and the concerning trend of declining claims processing satisfaction. By automating the estimation process and improving accuracy, this solution could potentially reduce settlement times by 30-40% and significantly decrease loss adjustment expenses, which typically represent 5-10% of premium revenues for property insurers.
For Verisk investors, this enhancement to Xactimate carries several positive implications:
- Increased recurring revenue potential through expanded platform capabilities
- Stronger competitive moat in the property claims management space
- Enhanced client retention through deeper integration of critical workflows
- Potential market share gains in the growing insurtech segment
The collaboration's focus on automation and efficiency aligns perfectly with the industry's digital transformation initiatives, positioning Verisk to capture a larger share of insurers' technology spending. The integration of Hover's 3D property data technology could create significant cross-selling opportunities across Verisk's client base, potentially driving higher average revenue per customer.
Hover’s claims automation platform encompasses new intuitive solutions, designed to deliver consistent, high-quality estimates that are customizable to any carrier.
“In 2025, we’re taking a major step forward, expanding our product to streamline the entire claims process. We’re excited to unveil Hover’s claims automation platform at Elevate 2025,” said Spencer Warden, vice president, business development at Hover. “As the industry faces unprecedented challenges, we remain committed to supporting insurers and policyholders through solutions that directly address their pain points. Our latest product integration further consolidates and simplifies workflows, making it possible for any person involved in the claims process, regardless of experience, to deliver correct and complete outputs every time.”
“This expanded support by Verisk’s Xactimate and Hover is the next step in streamlining claims processing for our shared clients,” said Jason Love, vice president, property estimating ecosystem at Verisk. “By leveraging Hover’s technology, adjusters can improve efficiency and accuracy, which can benefit insurers and policyholders alike. Launching this collaboration at Elevate arms key industry players with tools to improve speed and accuracy of estimation process.”
Increasing Industry Challenges Require Innovative Solutions
The insurance industry faces several key challenges that make automation and efficiency more critical than ever:
- Labor Shortages: The industry struggles with a shortage of experienced claims professionals (Insurance Journal 2024). Overextension of teams can potentially increase human error and inaccuracies, leading to greater leakage and wasted dollars.
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Increasing CAT Events: In 2023, global losses surpassed
$300 billion - Longer Claim Settlement Times: Claims take an average of 22 days to settle, increasing to 34 days after catastrophic events (Hover Sprint 2024 Insurance Industry Report).
All of these factors can ultimately decrease policyholder satisfaction, as data shows that claims processing satisfaction has dropped to its lowest in seven years (J.D. Power 2024 Study). Ultimately, these challenges demand new solutions that support carriers and policyholders.
Hover is Advancing the Claims Process with a Comprehensive Claims Automation Platform and Expanded Verisk Collaboration
As the market leader in exterior and interior property data solutions, Hover’s leading 3D measurements solution is powered by over a decade of real property data and proprietary AI technology. Now, Hover is taking claims processing from inspections to estimates, in one platform.
Here’s what to expect from Hover’s expanded collaboration with Xactimate:
- With Hover Inspections, adjusters use a photo-driven checklist to speed up loss documentation, ensuring complete, carrier-compliant documentation. Those photos and tags are now available in Xactimate, enabling more consistent claim adjudication.
- Hover Guided Estimates leverages Hover’s 3D measurement data, automating the generation of material line items and quantities. This information can then be accessed within Xactimate to complete the calculation of the final payout. This not only saves adjusters time, but also improves reliability and speed of payout - ultimately creating a better experience for the policyholder.
These latest advancements are set to dramatically improve loss adjustment costs by delivering high-quality estimates within carrier guidelines, every time.
To learn more, visit the Hover x Verisk partner page.
Xactimate® is a registered trademark of Xactware Solutions, Inc., a Verisk company.
About Hover
Hover is a leader in 3D property data, helping professionals work faster and more accurately across claims, underwriting, and restoration. Trusted by 9 of the top 10 insurance carriers, Hover delivers precise property measurements and integration for automated workflows, via a comprehensive claims automation platform.
With over 22 billion square feet of digitally reconstructed property, Hover offers unmatched scale and reliability. Built on over a decade of proprietary AI technology, Hover is designed to support any user, regardless of experience-level, to simplify property assessments with industry-leading accuracy.
More than 300,000 insurance and construction professionals rely on Hover to generate 3D property data using just smartphone photos. Recognized as one of CNBC’s World’s Top 150 Insurtech Companies in 2024 and named Data Solution of the Year for Insurance at the 2024 Data Breakthrough Awards, Hover is leading the way in claims innovation.
For more information, visit Hover.to.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250203516767/en/
Press Contact:
Sam Blumenthal
Hover
pr@hover.to
Source: Hover
FAQ
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