Sketching Up a Faster Claims Processing Approach

Human beings may or may not be good at many different things, but there is surely nothing they do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Verisk, a leading strategic data analytics and technology partner to the global insurance industry, has officially partnered with Planitar to accelerate the existing insurance claims-related procedures. Under the agreed terms, we’ll see the partnership bring Verisk’s Xactimate and Planitar’s iGUIDE platform together to launch a whole new solution in iGUIDE Instant Sketch. According to certain reports, the stated solution will improve accuracy and speed in the context of creating a comprehensive property loss documentation package, doing so by automating the floor plan sketch creation, an essential first step in the claims and restoration process. Furthermore, leveraging a mix of optical imaging, laser (Lidar) measurements and deep learning AI technology, the iGUIDE Instant Sketch helps the insurance industry access an essential tool to document an interior loss more quickly and consistently, all while fulfilling the whole value proposition at scale. To give you a better gist of what we actually have here, Planitar’s proprietary iGUIDE technology will demand just a few minutes in terms of creating rooms or entire floor plan drawings and then translating those drawings to a Sketch™ within the Xactimate software platform. Hold on, that’s not all we can expect from such a link-up. You see, besides saving us hours that we are usually forced to spend on things like measuring, photographing and annotating property damage, iGUIDE Instant Sketch will also let the user tap into its real-time tagging and virtual walk-through capabilities to effectively organize and augment the evidence report package they give to carriers.

“Our collaboration with Planitar brings an unparalleled opportunity for insurance adjusters to leverage technology from our ecosystem partners together with the power of the Xactimate claims processing platform. Together, we’re working to simplify the claims Sketch™ process, improve the quality of loss documentation and enhance adjusters’ productivity,” said Aaron Brunko, President of Property Estimating Solutions at Verisk. “We are proud to be at the forefront of this transformation and of our commitment to an open ecosystem designed to drive efficiency and deliver solutions that make a real difference for our customers.”

Fair enough, founded in 2013, Planitar is ideal candidate to take on this initiative because of its proprietary camera and software platform, which can capture and deliver at our disposal immersive 3D virtual tours and extensive property data. The company’s excellence in what it does can be validated by the fact that its platform is currently considered to be the most efficient system to map interior spaces and measure property square footage.

As for Verisk, it is best known for the way it enables its clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global risks, including extreme events, ESG, and political issues. Using technologies like advanced data analytics, software, scientific research to go with deep industry knowledge; the company is currently present in over 20 countries across the globe.

“We are excited to announce our collaboration with Verisk to introduce iGUIDE Instant Sketch to the insurance industry. Together, we’re taking a significant step towards transforming the insurance claims process. By combining our comprehensive property documentation solution with Verisk’s data analytics expertise, we’re offering insurance adjusters a seamless and high-speed workflow that reduces time spent on data collection and sketching by 90 percent or more,” said Alexander Likholyot, the CEO of Planitar Inc.