Insurance Claims: Matterport TrueSketch™ & TrueSketch™ PLUS for Xactimate10451
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
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| WGAN-TV Matterport Meets Insurance Claims-Fire and Floor Remediation and Restoration #1119-Matterport TrueSketch with Matterport Director, Business Development and Head of Partnerships and New Market Development Tomer Poran (Thursday, 7 November 2019) Video: Matter Hacks - TrueSketch vs TrueSketch Plus by Seth Harrison with Actionable Insights | Video courtesy of Matterport Vimeo Channel     Screen Grabs from Matterport Support: Matterport TrueSketch™ and TrueSketch™ PLUS are additional deliverables you can request after you've scanned a property and uploaded it to my.matterport.com. | Matterport TrueSketch Beta Sign-Up Form Hi All, If your company does fire/floor remediation and restoration submitting insurance claims, Matterport makes your life easier with its Matterport TrueSketch™ & TrueSketch™ PLUS for Xactimate. In this WGAN-TV Short Story #1119 (above), Matterport Director, Business Development and Head of Partnerships and New Market Development Tomer Poran explains how the Matterport TrueSketch™ & TrueSketch™ PLUS are used for insurance claims in remediation and restoration. Below is a transcript. "... Yeah, so all the things I mentioned, you're lowering time on site, you're lowering return visits, you're lowering visits altogether, you're doing things in a remote fashion. Another big thing that I touched on is carriers will like you. Your relationship with insurance carriers will improve," says Tomer. "What I didn't mention is that often mostly on the commercial property side, most commercial property owners, property managers, facility managers, they are targeted directly by these mitigation firms. You go to them and say, hey, here's my card. If you ever have a loss, head of this university. And universities, for example, that span huge campuses, they experience five to 10 losses a year." For addition info on Matterport TrueSketch™ & TrueSketch™ PLUS for Xactimate, please see these Matterport Support pages that were updated Sunday, November 10 2019. Your thoughts? Best, Dan Transcript of WGAN-TV Matterport Meets Insurance Claims-Fire and Floor Remediation and Restoration #119-Matterport TrueSketch (Thursday, 7 November 2019) [See Entire WGAN-TV Show and Transcript] - Let me ask you a tactical question in there. First, I've forgotten the name of what you call that product or service. - A TrueSketch. - [Dan] A Matterport TrueSketch. - Yes. - On the Matterport TrueSketch, how long does it take to deliver that? - So we're in beta with it. It is currently a two business day deliverable. We're hoping to get it down to one day. Time is extremely critical in this industry, more so than any other space we operate. I mentioned that the carriers have big overhead when they have a claim in their pipeline. Carriers often put pressure on these contractors to turn claims around in a matter of days. Small claims, it could be a matter of hours. So we're constantly working to improve the turnaround of TrueSketch knowing how time sensitive it is. - And what were some of the claim adjusters, did they ever work with MatterPak? Or no, no, they always worked with the 2D? - No, they've worked with our schematic floor plans or with the TrueSketch. That's really the two alternatives. Sometimes on small claims they won't do either. Like I said, in a room where you could easily estimate or even just use workshop to get wall to wall measurements, that's enough. - So they might take the floor plan view in a Matterport tour and literally sketch over the top of that? - They could do that. There are issues. We fell like in small claims, they often do that. In larger claims, they want to get it as tight as possible. It's part of their claim. I mentioned having insurance carriers like you is mission critical, and that's something we help out with a lot. Because versus poor photography and human error prone and exaggeration prone sketches, now the carrier and the adjuster specifically is receiving bulletproof content in the form of a Matterport scan. Guess what job in that region where that job is going next? To that contractor that used Matterport. And that is by far one of the things we hear across the board from our customers in this space is this thing is getting me more business. And we love to hear that, because that's the... When you talk of value proposition, saving time is great, saving money, saving drive [time], you talked about convenience, that's great. But when you're talking about getting more jobs or in that example that I said you're able to get to more jobs, that's where your value prop turns, in my opinion, having gone to many markets before, that's when your value proposition goes from nice to have to must have. - Tomer, talk more about that. What are all the different ways for someone in this space to make money? Whether that's a public adjuster or a remediation company or someone that's doing restoration. Where's the opportunity to make more money? - Yeah, so I went over two of those. And again, you touched public adjusters. That's a little bit of a different beast. Public adjusters for those of you on who don't know what that is, there are several types of adjusters in the world. One is the insurance adjuster. They are staff, organic staff of that insurance carrier. Often they're either desk adjusters or field adjusters. Then you have what's called independent adjusters. Those are outsourced adjusters used by insurance companies. So they're anything but independent, but that's their name nonetheless. They work for the insurance carrier. They're an extension of that insurance carrier. Main reason that they're needed is that like we mentioned this industry is prone to catastrophe. And Allstate can't have 10,000 adjusters in the Houston area but suddenly Hurricane Harvey hits and that's what they need. So they'll hire these outsourced adjusters as well as in areas where they have low policyholder coverage and they don't want a staff member there, they'll hire outsource. And then the third type of adjuster is a public adjuster, and that is the adjuster that works for the policyholder. They're an adjuster, which means they're an expert in insurance policy, but they're on your side. These are also big customers of Matterport. And the main reason is they also have to sketch and document, but then they have to go to mitigation. Often they're used in claims where there is dispute. You don't bring on a public adjuster if there's a very clear cut case and your insurance carrier is going to cover it, no questions asked. That's usually not when they're brought in. They're brought in when there's a question of coverage, an extent of coverage, and under-insurance and all of these edge scenarios. It's usually around 10% of claims, 5% to 10% of claims they're brought on. When they are brought on, by the way, claims settle for 20% more. So highly recommend using them if you're in a disputed claim. But these public adjusters, basically, have to tell a story. They use Matterport for storytelling and negotiation. Because ultimately, they'll stand in front of a third party appraiser or a judge or a jury or an investigator and they'll have to tell their policyholder's story. And telling a story, as we've been told many, many times by these public adjusters, telling a story becomes 10 times easier and more persuasive when you have Matterport at your side. And that's what they're using it for. They're using Matterport to win cases, to settle cases. Very different from a restoration contractor, which is using Matterport to file a claim. Document a claim, communicate on that claim to their insurance carrier. - So for the remediation company, where is the opportunity to make more money for a remediation company? - Yeah, so all the things I mentioned, you're lowering time on site, you're lowering return visits, you're lowering visits altogether, you're doing things in a remote fashion. Another big thing that I touched on is carriers will like you. Your relationship with insurance carriers will improve. What I didn't mention is that often mostly on the commercial property side, most commercial property owners, property managers, facility managers, they are targeted directly by these mitigation firms. You go to them and say, hey, here's my card. If you ever have a loss, head of this university. And universities, for example, that span huge campuses, they experience five to 10 losses a year. This is something that's constantly happening. A little fire, electrical fire, flood, window was open, this whole server room was fried. They get losses on a constant basis. Vandalism, theft, a lot of cases. So they're actively targeted. What we've been seeing contractors do and go say, hey, I will scan your facility for you, and I'll get to this use case on the policyholder side in a second, which is inventory documentation. Very important piece of this. But they go in and say, I will document everything in your property for the case of a claim so you have an easier time inventorying. And now here's my card. Use me for any loss. So we've heard that not only do you build relationships with carriers, which are huge constituents, but also you build relationship with property managers, commercial property owners in your area. Huge for these guys. And then one last piece that we constantly hear from our customers is what's called breakage claims. Often when your contractor's going into your house, Dan, and doing things there for the span of nine months, in about I think I heard one in five cases, contractors will come and tell me, hey Tomer, about one in five cases, I have a customer come and tell me, you scratched my fridge, you scratched my hardwood floors, you broke my driveway cement, so many different claims. Now, you have to keep in mind this person, policyholder, sometimes under distress, losing a lot of money, maybe they were under-insured, maybe there was court cases happening. They're on edge. And what often happens is contractors say, I just pay it out. I don't want heartache. I don't want this guy going to the insurance company telling him that my contractor screwed me over. That's not what I want. I just, you know what, here's a new armoire, here's a new fridge, here's a new... We'll fix, we'll paint over that, we'll do it. And I take the loss myself. What they tell me now is, Tomer, I go in first thing I do is I Matterport scan. And then anything that the policyholder tells me, oh, this was that, you did this, you did that, I have perfect documentation, especially with a Pro2. This is something that Pro2 users have told us consistently. The level of zoom I can get to, I can see a scratch in the wood. And then not only do I not pay it out, but I've got great relationship going on with this customer who says, okay, you're right, totally my bad. - So that's coming from the scan that was done before the remediation even began? - Yes, yes, that's from what we call the pre-mitigation scan. Now, keep in mind contractors scan at three different points in time using Matterport. The first time is that pre-mitigation or FNOL scan, First Notice of Loss. The second one is after the mitigation job has been done, which means they dried up the water, they took down the drywall, they pulled out the carpeting, they removed furniture, all that stuff. And then a third one post repair, post restoration, and that is after the house has been fixed. That's basically the three stages that are critical for the contractor to document in order to give to their insurance carrier and say, this was the damage, this was the work I did on the mitigation front, here is the quality of work that I did on the repair front. Pay me. - So are any of the renovation companies using the before and after as a way to get business, to differentiate themselves, to make... - You know, I'd say renovation is a broader category than specifically remediation for insurance purposes. For insurance purposes, they're doing this both as a record for here's the policyholder, here's your new house, go use this Matterport scan to sell your house maybe. But they're also using it for self serving reasons like they need, here's an interesting fact. When you have an insurance claim against your house, it's actually also against your mortgage company's asset. So the mortgage company, in order to allow this contractor to get paid by the insurance company says, wait, I need to sign off that the repair was done here and kept the asset valued what it is, because I own 70% of that asset. So often you need a mortgage inspector to come to your house. But the mortgage inspector is in no rush to come to your house. So you might be waiting three weeks, four weeks, five weeks to get the money from your insurance company just because the mortgage company hasn't inspected. With a Matterport scan, send it over, they clear the inspection and get paid right away. - Very interesting, because thank heavens, our mortgage is paid, so this is a whole nother topic. We didn't have that layer of complexity. But had we still had a mortgage on our house, we might have had to wait for the completed documentation to go over to the mortgage company for them to sign off on it? - Yeah. - Wow. - Yep, you have to wait for it and contractor has to wait for it. And for you it might be an extreme heartache. For contractors, you talk to them, they have huge liquidity issues in this industry. Often getting paid plus 90 plus 120. So these are horrible payment terms from the insurance companies and delaying that payment by another three, four, five weeks often puts them in a cash crunch. - So as your business grows, you're at risk of going out of business because you're... - Like many businesses. Like many businesses, the bigger you are, the more you're leveraged, the more loans you need for your bank to work in capital loans. - Are you hearing from the companies that this is helping improve their cash flow because they're getting paid faster from the insurance companies? - Getting paid faster, not only because of that mortgage aspect, but they're getting paid faster because their time to settlement is faster because there's less disputes. That's probably the key source of speed that we add. They're getting paid faster because their time to file that claim has gotten faster. So they're filing claims faster. They're spending less time in disputes, and they're getting inspected faster. So all these elements add to just a much faster getting paid period from the contractor side. What I like about this is that often we go to fields and we improve different people's lives, I feel, Matterport. In this case one of these kind of indirect effects is the benefit to policyholders. I mean, policyholders, and this is a good leeway for this next little bit, but policyholders getting to their homes faster after catastrophe events or getting to their businesses faster, factories opening up faster, any kind of property loss that is mitigated and settled and repaired faster for me is a huge net benefit to people and to the economy. So I feel like that's an amazing thing that we're able to do here. --- Download a Sample TrueSketch or TrueSketch PLUS on the Matterport Support website. Video: Import the TrueSketch into Xactimate | Video courtesy of Matterport Vimeo Channel |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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| Hi All, I could imagine that Matterport TrueSketch™ & TrueSketch™ PLUS for Xactimate will be a big deal at the Autodesk University 2019 in Las Vegas from November 19-21, 2019. Dan |
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| Matterport TrueSketch™ & TrueSketch™ PLUS for Autodesk would be a great addition! I think, this is where Matterport will play the next big game in addition to the big game they are already playing in the real estate industry. |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Video: Matter Hacks | TrueSketch vs TrueSketch Plus | Video courtesy of Actionable Insights YouTube Channel (7 March 2019) | ||
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