Claims estimating Improve Your Contents Estimating wherever you are

Transcription

1 Improve Claims estimating Your Contents Estimating wherever you are

2 How much are claims delays costing you? Successfully resolving a personal property insurance claim requires taking inventory of all affected items, researching, validating, and estimating repair, cleaning, or replacement costs; accounting for wear, tear, and depreciation; communicating with policyholders, tracking and managing payments, and so forth. However, completing these tasks using traditional methods can be both time consuming and challenging. The reason is that a host of barriers often can and do get in an estimator s way, such as having to: Individually research and document contents items, as well as like-kind-and-quality replacement items for discontinued items. Manually calculate the wear, tear, and depreciation on items. Address and deal with settlement concerns regarding individual items. Divide large claims among multiple parties and then manually feed their data back into the original estimate. All of these factors can result in inaccurate contents estimates, delay the settlement of claims, and/or adversely impact your bottom line. Fortunately, Xactware can help. 2

3 Estimate personal property items with a single system Xactware offers a contents estimating software solution known as XactContents that enables contents claims adjusters and contents replacement service providers to estimate both structural and contents claims using a single comprehensive database. In fact, the XactContents database is the best in the industry with 11 million vendor-specific items, nearly 500,000 discontinued items, and more than 8,000 general quote items. By using this product, estimators can: Systematically build an inventory of the insured s personal property. Quickly research and accurately estimate personal property items, as well as get like-kind-and-quality suggestions for discontinued or obsolete items. Automatically calculate Replacement Cost Value (RCV) and Actual Cash Value (ACV). Instantly divide and distribute claims. Easily record, track, and manage all types of payments. Create professional-looking reports. The product is currently available in three solutions: XactContents, a module that can be used inside Xactimate; XactContents online, an independent online application that requires only Internet access to use; and XactContents mobile, an app that lets adjusters inventory lost, damaged or stolen merchandise at the loss site with smartphone or tablet. What s more, XactContents supports multiple roles by providing support for both connected (inside adjusters and call centers) and disconnected (field adjusters) workflows. Regardless of which solution you choose, both fit seamlessly into the full assignment workflow. Search and add line items graphically to estimates with XactContents Reference Search. 3 XactContents automatically presents like-kindand-quality replacements for discontinued items.

4 Estimate contents quickly and accurately Easily import personal property inventories Quickly import an insured s personal property inventory lists into XactContents from an Excel spreadsheet and automatically perform searches in the background. By doing so, the insured will be able to fill out important information such as item make, model, description, age, estimated cost to replace, and so forth. You ll be able to price and close your claims more accurately in less time. settle property repair claims. Get up-to-date pricing information XactContents contains nearly two million items and includes pricing data that is updated no less than once a week. Prices come from major national retailers. Quickly search for and find the right items Quickly search for and find the right items by product manufacturer and an item s model number, brand name, or description. Once you find all of the items that you need, you can then instantly send an to the insured which includes all of the product/ vendor links and images for items contained in the estimate, thereby minimizing settlement concerns regarding an item. The integrated Internet search allows you to search multiple web sources at once and view them in a single list, including the XactContents database and Internet sources such as NexTag, Amazon.com, Google, and many national retailers. Reference Search enables you to quickly find items by graphically clicking on a specific personal property image within a room or general area. After clicking on the image, simply drill down and filter the list of results to the contents items you need, and/or for which you d like to see a list of general quote and XactContents database items. Rapidly add line items to estimates The XactContents Quick Entry tool allows you to rapidly find and add line items to estimates, as well as make changes to the existing values of a line item such as the age, use, depreciation, and so on. You can also easily add miscellaneous and contents general quote items (good, better, best). This interface increases your speed of entry by keeping the essential workflow tied to the keyboard. Plus, with Quick Entry, you can even enter items and conduct searches in the background at the same time. Get like-kind-and-quality suggestions for discontinued items XactContents automatically provides you with current like-kind-and-quality replacement items for discontinued items by searching through its database of over 500,000 discontinued items. 4

5 Streamline and better manage your workflow Customize coverages Setup your estimate in the same way the policy was written by creating single and aggregate sublimits and automatically tracking limits as needed. Easily track and manage payments With XactContents Payment Tracker, you can easily record, track, and manage advanced, ACV, deferred, and Loss of Use payments and view historical details of past payments. You can also automatically calculate estimated replacement costs and ACV, including adjustments for deductible, salvage, policy, and coverage limits. This allows you to know at a glance which payments you ve made and which ones you still need to make. Automatically calculate depreciation Automatically calculate ACV by entering an item s age and use. You can also calculate depreciation by dollar amount or percentage. Create professional-looking reports XactContents allows you to quickly create a variety of custom, professional-looking reports for clients such as a Contents Report, which details personal property items; and a Cost Comparison Report, which provides a comparison between the insured s reported cost and the estimated cost. With XactContents Payment Tracker, you can easily record and manage payments and view the historical details of past payments. 5 XactContents makes it easy to produce detailed, custom, professional-looking reports for clients.

6 XactContents: available in two solutions about Xactware XactContents is currently available as a module within Xactimate or as a completely online application known as XactContents Online which requires only Internet access to use. Regardless of which solution you choose, XactContents provides the industry s fastest and most accurate way to estimate contents. Below are some of the features offered in XactContents and XactContents online, as well as some of the differences between the two. XactContents mobile works with both XactContents platforms, to allow an estimator to build a contents inventory at the site of the loss with a mobile device, and then sync the inventory with XactContents. 6

7 Try XactContents Today! Xactware.com