Nearmap, a property intelligence provider, has launched itel Total Price, a new whole-home pricing solution designed to provide guaranteed pricing for major exterior and interior building materials across property claims, with the solution now available within Verisk Xactimate®.
The product is intended to address challenges facing property insurers, including rising material costs, variations in estimates and greater scrutiny of claims settlements. According to Nearmap, disconnected pricing processes and limited visibility of local sourcing conditions can contribute to supplements, contractor disputes and longer claims cycles.
Nearmap’s itel Total Price provides pricing backed by fulfilment, with the company positioning the solution as a way for insurers to manage material costs throughout the claims process. Nearmap said the approach can help reduce supplements and disputes while providing greater consistency between estimates and settlements.
“Insurers have told us they want material pricing backed by fulfillment without adding complexity to the adjuster workflow,” commented Paul Disney SVP of Product at Nearmap. “itel Total Price gives carriers a single trusted source for guaranteed pricing across the entire home, helping improve claim outcomes within the trusted Verisk Xactimate(R) platform.”
Nearmap said the pricing database underpinning itel Total Price draws on more than 30 years of proprietary materials intelligence and historical pricing data from more than 15 million claims. The company noted that the pricing is continually validated against local market information from manufacturers, suppliers, contractors, retailers, distributors and big-box stores across the US.
The pricing is backed by the itel Guarantee, which Nearmap said provides assurance that materials can be fulfilled at the quoted price. The company said this is intended to give insurers pricing that reflects local sourcing conditions and current market conditions.
The solution also includes integrated pricing within Xactimate®, which Nearmap said can be delivered in near real time. For cases requiring more detailed identification or specification, adjusters can use the itel NOW mobile app or submit physical samples for analysis. Nearmap said both options provide laboratory-verified, like-kind-and-quality pricing, with typical same-day or next-day service.
These capabilities are included within itel Total Price at no additional charge, giving adjusters an alternative when they encounter unfamiliar materials or require additional pricing certainty.
According to Nearmap, early customers using itel Total Price have achieved returns on investment of up to 10 times through lower supplement frequency, shorter claims cycle times, reduced adjuster rework and greater control over indemnity expenditure. The company did not provide further details on the customers or methodology behind these results.
“Property claims decisions are only as strong as the intelligence behind them,” added David Tobias, Chief Product Officer at Nearmap. “itel Total Price represents an important step forward in our vision to deliver connected property intelligence that enables faster, more consistent, and more defensible claims decisions across the entire home.
“When you combine 30 years of proprietary materials data with localised, real-time market intelligence and back it with a robust and proven fulfilment system, you get pricing that holds up from the estimate through to settlement.”
The range of covered exterior materials includes complete roofing systems, primary shingles, ice and water shield, roofing felt and ridge cap, as well as siding, exterior paint, windows and doors. Interior categories include flooring and associated installation accessories, interior paint, drywall, cabinets, insulation and other major materials.
The company said additional materials will continue to be added to the solution. Within Xactimate, adjusters can request pricing for most materials in a claim in two clicks, according to Nearmap.
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