Hover, a leader in 3D property data, has officially announced an expansion of its partnership with Verisk, a leading global data analytics and technology provider, and the latter’s industry-leading Xactimate® platform for property claims management.
According to certain reports, the stated expansion will allow Hover Inspections and Guided Estimates to become available, alongside Hover’s proprietary interior and exterior 3D property data, within Xactimate. More on that would reveal how these solutions within Hover’s claims automation platform will effectively revolutionize the adjuster workflow by saving time and improving accuracy.
To understand the significance of such a development, we must take into account how insurance industry faces several key challenges that make automation and efficiency more critical than ever. These challenges include labor shortages, considering the insurance industry is currently struggles with a shortage of experienced claims professionals, as per Insurance Journal 2024.
Given the situation, we are now witnessing an overextension of teams, something which has enhanced the potential increase in human error and inaccuracies. This is leading to greater leakage and wasted dollars.
The next challenge in play relates to the increasing CAT events. You see, in 2023 alone, global weather-caused losses surpassed $300 billion for the eighth time in a row. Not just that, they were also 22 percent higher than the long-term average, according to AON 2024 Climate and Catastrophe Insight. Hence, despite a decline in workforce, this high frequency of severe weather events has shown to drive higher demand for insurance coverage.
Another major bottleneck for the insurance industry is understood to be longer claim settlement times. To put that into perspective, claims can take an average of 22 days to settle. In case this wasn’t bad enough, the whole timeframe can also increase to 34 days after catastrophic events.
All these factors, on their part, have come together to orchestrate the lowest point for processing satisfaction in over seven years.
“This expanded support by Verisk’s Xactimate and Hover is the next step in streamlining claims processing for our shared clients,” said Jason Love, vice president, property estimating ecosystem at Verisk. “By leveraging Hover’s technology, adjusters can improve efficiency and accuracy, which can benefit insurers and policyholders alike.”
Hover’s expanded collaboration with Xactimate, fortunately enough, will address these very challenges through Hover Inspections. Hover Inspections allows adjusters to use a photo-driven checklist to speed up loss documentation, and at the same time, ensure complete, carrier-compliant documentation. Those photos and tags are now available in Xactimate to faculty more consistent claim adjudication.
Next up, we must get into how Hover Guided Estimates arrive on the scene bearing an ability to deploy Hover’s 3D measurement data for automating the generation of material line items and quantities. This information, once generated, can then be accessed within Xactimate to complete calculation of the final payout.
Such a setup not only saves adjusters time, but it also significantly improves reliability and speed of the payout, thus ultimately creating a better experience for the policyholder.
Making the whole development even more important is Hover’s stature. The company is currently trusted by 9 of the top 10 insurance carriers in terms of delivering precise property measurements and integration for automated workflows. This happens to be the case because of Hover’s 22 billion square feet of digitally reconstructed property, which enables Hover to offer unmatched scale and reliability.
The company’s excellence in what it does can be understood once you consider that, all in all, more than 300,000 insurance and construction professionals rely on Hover to generate 3D property data using just smartphone photos. Hover has also been recognized as one of CNBC’s World’s Top 150 Insurtech Companies in 2024. It has also been named Data Solution of the Year for Insurance at the 2024 Data Breakthrough Awards.
“In 2025, we’re taking a major step forward, expanding our product to streamline the entire claims process. We’re excited to unveil Hover’s claims automation platform at Elevate 2025,” said Spencer Warden, vice president, business development at Hover. “As the industry faces unprecedented challenges, we remain committed to supporting insurers and policyholders through solutions that directly address their pain points.”
