Verisk Continues to Expand Its Property Estimating Ecosystem with Integration of Yembo’s 3-D Models and AI-Driven Insights

Rhea-AI Summary

JERSEY CITY, N.J., Sept. 19, 2022 – Verisk enhances its Xactimate solution for property insurance adjusters by integrating Yembo's AI-powered virtual survey technology. This allows desk adjusters to create 3-D models of interior damage from onsite videos, improving claims efficiency without physical inspections. Insurers can now handle more claims confidently and engage policyholders better. Verisk remains a key player in the property insurance market, providing vital tools for cost reduction and shortened claims cycles.

Positive

• Integration of Yembo's AI technology enhances Xactimate's claims handling capabilities.
• 3-D modeling allows for quicker damage assessments, reducing the need for onsite inspections.
• Increased efficiency in claims processing is expected to improve customer engagement and satisfaction.

Negative

• None.

JERSEY CITY, N.J., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Property insurance adjusters can further accelerate and refine their claims handling in Verisk’s Xactimate solution by using interactive, 3-D models and detailed content inventories from Yembo, the global leader in virtual home surveys and inspections.

Yembo’s technology, which is powered by artificial intelligence (AI), now integrates with Xactimate, enabling desk adjusters to view photo-realistic, 3-D models  of interior damage created from videos captured onsite via smart devices. These detailed, interactive digital models can help adjusters quickly estimate repair costs without visiting the site in person.

“Many insurers struggle to obtain an accurate picture of interior damage after an event, without the expense of sending someone to inspect the home,” said Siddharth Mohan, co-founder and CEO of Yembo. “With the integration of our technology into Xactimate, insurers will be able to easily obtain the information they need to handle more claims confidently from the desk.”

“Virtual inspections and claims management are playing an increasingly important role in the digital transformation of insurers,” said Mike Fulton, president of property estimating solutions at Verisk. “The availability of Yembo 3-D models and insights in Xactimate will provide our customers with more tools to help solve their specific business needs, from shortening claims cycle times and lowering costs to enhancing engagement with policyholders.”

Among its many offerings, Verisk provides cloud-based solutions for professionals involved in estimating all phases of building and repair. Thanks to a longstanding commitment to invest in research and development, Verisk property estimating solutions are used by most top property insurance carriers.

To learn more, visit Verisk or Yembo online.

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. 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 30 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 Yembo
Yembo is the global leader in AI-powered virtual surveys and inspections.  The company's mission is to bring digital transformation to home service companies through best-in-class artificial intelligence products. With hundreds of global customers and over 2 million AI-powered homeowner videos processed - Yembo best-in-class AI technology now enables insurance carriers to improve operating efficiency, reduce costs, and provide the best homeowner experience - resulting in improved outcomes for underwriting and claims. To learn more, visit https://www.yembo.air/insurance.

FAQ

What does Verisk's integration with Yembo mean for insurance adjusters?

The integration allows insurance adjusters to utilize AI-powered 3-D models of property damage, enhancing efficiency and accuracy in claims processing.

How does Yembo's technology benefit Verisk's Xactimate solution?

Yembo's technology provides detailed virtual surveys, enabling faster and more cost-effective claims handling without physical inspections.

When was the announcement about Verisk's partnership with Yembo made?

The announcement was made on September 19, 2022.

What is the impact of this partnership on claims cycle time?

The partnership is expected to shorten claims cycle times by enabling quicker damage assessments through virtual inspections.

What is the stock symbol for Verisk?

The stock symbol for Verisk is VRSK.