Nearmap Unveils itel Total Price for Streamlined Property Claims Management

Nearmap Unveils itel Total Price for Enhanced Claims Management

In a significant advancement for the insurance industry, Nearmap, a leader in property intelligence, has announced the launch of its innovative pricing solution called itel Total Price. This new offering aims to address the growing challenges faced by property insurers in managing claims efficiently.

Addressing Industry Challenges

Property insurers are often under immense pressure to expedite claim settlements while navigating fluctuating material costs and inconsistent estimates. These challenges can result in disputes, delays, and ultimately a negative experience for policyholders. Recognizing the need for a streamlined process, Nearmap has developed itel Total Price to facilitate a more efficient claims process.

What is itel Total Price?

The itel Total Price solution offers insurers guaranteed pricing for both major exterior and interior building materials involved in home repairs. This pricing is supported by an extensive database that has evolved over the past 30 years, powered by a wealth of proprietary materials intelligence. Nearmap's platform sources data from manufacturers, suppliers, and retailers nationwide, ensuring that the pricing reflects real-world sourcing conditions and current market dynamics.

The integration of itel Total Price into existing claims workflows within Verisk Xactimate® provides a single, reliable source for material pricing, which reduces friction and enhances the overall efficiency of the claims process.

Enhanced Claims Process

Paul Disney, SVP of Product at Nearmap, states, “Insurers have communicated their desire for material pricing that is reliable and easy to manage without complicating the adjuster’s workload.” The itel Total Price solution directly embeds pricing into the claims lifecycle, which minimizes the likelihood of disputes and supplements, simplifying the adjuster's role significantly.

In addition, the solution offers real-time integrated pricing that can be accessed quickly within Xactimate. Adjusters can obtain accurate pricing for nearly all materials featured in a claim with just two clicks, allowing them to redirect their focus toward other critical tasks that ensure policyholders receive the support they need.

Comprehensive Database and Reliability

At the core of itel Total Price is a robust building materials pricing database, which compiles data from over 15 million claims to ensure reliability and accuracy. This resource provides insurers with the assurance that they are basing their decisions on sound data. The itel Guarantee backs this pricing, ensuring that materials will be delivered at the provided price, which is especially crucial for maintaining client satisfaction and trust.

Additionally, for those instances where adjusters may need further clarification on material specifications, the itel NOW mobile app allows for in-depth analysis and quick access to lab-verified pricing. This feature provides adjusters with timely answers, which is essential for making informed decisions without unnecessary delays.

Positive Impact on Claims Management

Early users of itel Total Price have reported remarkable outcomes, with some experiencing returns on investment up to tenfold through reductions in supplement frequency and quicker response times. This innovative approach not only optimizes material management but also tightens control over indemnity expenses, ultimately benefiting both insurers and policyholders.

David Tobias, Chief Product Officer at Nearmap, highlights the significance of this tool: “The strength of property claims hinges on the intelligence that informs them. itel Total Price is a pivotal advancement in our strategy to provide integrated property intelligence that leads to faster, more consistent, and defendable claims decisions.”

Conclusion

As the insurance landscape continues to evolve, innovations like itel Total Price will play a crucial role in reshaping the claims process. With an emphasis on reliable data, enhanced efficiency, and improved policyholder satisfaction, Nearmap is poised to lead the charge in property intelligence, ensuring that claims management becomes a streamlined, effective process for all involved.

For further information on itel Total Price, please visit Nearmap's website.