LEHI, Utah — May 26, 2021 — Property professionals can now save significant time estimating and managing water mitigation, interior, and exterior claims with XactScope, a new feature in Verisk’s Xactimate® and XactAnalysis® solutions. Verisk (Nasdaq:VRSK) is a leading global provider of predictive analytics and decision-support solutions.
The new XactScope feature in Xactimate, powered by Vai™, rapidly guides property professionals through the estimating and repair process for water mitigation, interior, and exterior claims. Estimators simply answer dynamic questionnaires, apply line items, select property characteristics and then XactScope automatically calculates repair costs. Water mitigation technicians can create floor plan diagrams, manage equipment placement and enter moisture readings from Xactimate mobile.
Xactimate and XactAnalysis are powerful claims-estimating and claims management solutions developed by Verisk’s Xactware business. XactScope is part of the next generation of InsurTech powered by Verisk artificial intelligence and automation, or Vai.
“Verisk and Xactware remain committed to helping property professionals shorten workflows with higher-quality and more efficient outcomes,” said Xactware President Mike Fulton. “We couldn’t be more pleased to introduce this new set of tools to greatly enhance efficiency, speed, quality, and consistency throughout the estimating and claims management process. Further, the XactScope toolset is included at no additional cost with each Xactimate Pro license, requiring no additional software to download or install, nor additional transaction fees for the use of XactScope.”
XactScope enables property professionals to work directly from within Xactimate’s Sketch tool — using digital diagrams either imported from third-party services or manually created — to answer questions in dynamic forms that are auto-generated for each applicable job type. XactScope then applies the appropriate quantity of line items and fully audits and scores the estimate based on building techniques and general scoping practices, such as the IICRC’s S500 standards for water mitigation or a company’s specific scoping rules. Estimators can even create, measure and score custom drying plans for water mitigation losses.
Xactware customers excited by XactScope benefits
“XactScope is the first tool on the market to be able to help our franchises capture and guide them through a better scope and audit as they are doing the job,” SERVPRO Chief Information Officer Jeff Fields said. “It also benefits our insurance clients and our customers by providing a more accurate scope and allows us to adjust the scope while the job is in progress.”
American Technologies, Inc. President Jeff Moore also sees benefits for estimators, clients and insurance companies: “XactScope provides ATI with assurance in knowing we will continually exceed customer expectations while better managing the business through the creation of consistent, accurate and quality estimates for various job scenarios. XactScope will also benefit the industry as a whole, by reducing the complexity and errors of an ever-increasingly rule-driven industry.”
XactScope will be available with the latest version of Xactimate Pro starting June 29 to profiles with the feature flag enabled. XactScope is available with the latest version of Xactimate Pro. To learn more about this new feature, watch the “A New Approach to Water Mitigation” session at VeriskElevate.com.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.