StockNews.AI
VRSK
StockNews.AI
197 days

Hover Expands Offerings within Verisk's Xactimate to Advance Property Claims Efficiency

1. Hover collaborates with Verisk to enhance Xactimate for claims management. 2. New solutions streamline the adjuster workflow, boosting efficiency and accuracy. 3. Industry challenges like labor shortages call for innovative automation solutions. 4. Increasing severe weather events escalate demand for efficient claims processing. 5. Hover's advancements aim to improve loss adjustment costs and policyholder satisfaction.

7m saved
Insight
Article

FAQ

Why Bullish?

The collaboration may lead to enhanced product offerings and revenue growth for VRSK.

How important is it?

This collaboration enhances VRSK's technology base and market appeal amidst industry challenges.

Why Long Term?

The expansion in claims processing efficiency will positively affect VRSK in the long run.

Related Companies

VRSKAON
SAN FRANCISCO--(BUSINESS WIRE)--Hover, a leader in 3D property data, today announced an expanded collaboration with Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, and its industry-leading Xactimate® platform for property claims management. In addition to Hover’s proprietary interior and exterior 3D property data, Hover Inspections and Guided Estimates are now available within Xactimate. These latest solutions within Hover’s claims automation platform are set to revolutionize the adjuster workflow by saving time and improving accuracy, and will be showcased at Verisk’s Elevate 2025 event this week. “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. Increasing CAT Events: In 2023, global losses surpassed $300 billion for the eighth time in a row and were 22 percent higher than the long-term average (AON 2024 Climate and Catastrophe Insight). Increasing frequency of severe weather events continues to drive higher demand, amid a decreasing workforce. 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.

Related News