Verisk Introduces Xactimate Time & Materials Tool for Streamlined Job Cost Tracking
October 26 2023 - 9:08AM
Construction and restoration professionals now have a new and
efficient way to save time, reduce administrative burden and
minimize human error, all while providing real-time updates on
expenses to track job progression when restoring commercial and
personal large property losses. Verisk (Nasdaq: VRSK), a leading
global data analytics and technology provider, today announced
the launch of Xactimate Time & Materials, an innovative tool
accessible through the Xactimate platform that is designed to
revolutionize the property estimation process by simplifying cost
tracking and enhancing transparency for large loss residential and
commercial jobs.
With Xactimate Time & Materials, users can easily estimate
or capture costs, leveraging Xactimate's extensive line items and
pricing. The tool seamlessly integrates into the existing Xactimate
ecosystem, including XactAnalysis and Insights, as well as
third-party integrators and partners. This digital, paperless model
allows for efficient job cost tracking and automatic inventory
creation to help restorers provide billing invoices to insurers in
a digital and streamlined fashion.
"We believe Xactimate Time & Materials will be a significant
asset for restoration and renovation contractors," said Aaron
Brunko, President, Property Estimating Solutions. "By helping
eliminate project bottlenecks and streamlining job cost tracking,
our solution empowers service providers to stay on budget, maintain
profitability and achieve greater confidence in the accuracy of
their estimates for all projects, including large-scale commercial
jobs. We are excited about this new capability and how it will
complement Verisk's suite of commercial property solutions.”
One of the key differentiating features of Xactimate Time &
Materials is its direct submission of time and materials jobs into
Xactimate, an industry-leading tool used by construction and
restoration professionals, while providing transparency in an
industry-acceptable format. This integration supports greater
validation and acceptance of estimates, reducing overhead and
increasing efficiencies for service providers.
The cloud-based solution also offers industry comparison reports
and contractor/vendor comparison reports, enabling users to
validate pricing estimates and make informed decisions.
Furthermore, the seamless integration with Xactimate and
XactAnalysis allows for more robust reporting and analysis.
Learn more about Xactimate Time & Materials.
Many of the world’s leading insurers use Verisk property
estimation software and claims tools, which include solutions for
every phase of a building's life. Verisk’s cloud-based solutions
are connected to a comprehensive ecosystem that includes an
assignment network, analytical reports, cost research, project
management and third-party integrations. Xactimate is one of the
industry’s most powerful and comprehensive solution for property
claims estimation thanks to its precision and flexibility
throughout all stages of the repair process.
About Verisk Verisk (Nasdaq: VRSK) is a
leading strategic data analytics and technology partner to the
global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes,
combat fraud and make informed decisions about global risks,
including climate change, extreme events, ESG and political issues.
Through advanced data analytics, software, scientific research and
deep industry knowledge, Verisk helps build global resilience for
individuals, communities and businesses. With teams across more
than 20 countries, Verisk consistently earns certification
by Great Place to Work and fosters an inclusive
culture where all team members feel they belong. For more,
visit Verisk.com and the Verisk Newsroom.
Michelle Pantina
551-500-7327
michelle.pantina@verisk.com
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