(Image source: Verisk.)
Verisk (Jersey City, N.J.), a provider of data analytics to the insurance industry, has released ContentsTrack, a solution for online and mobile platforms that uses Verisk artificial intelligence and automation (Vai) to help contents removal specialists quickly identify, catalogue, and track contents that need to be stored, cleaned, or replaced after a loss.
During the contents reinstatement process, restorers must document and track hundreds, or potentially even thousands, of household items. The Vai technology in ContentsTrack uses image-detection artificial intelligence known as Object Recognition to help restorers significantly speed up their contents inventorying workflows, according to a Verisk statement.
“Most contents removal specialists use pen and paper to inventory personal property at the loss site and then have to type all that data into their systems later at the office,” comments Joe Pendle, Managing Director, U.K. and Europe, Verisk. “ContentsTrack can help restorers eliminate unnecessary duplicate data entry and shave hours off their workflows by letting them capture all the information they need at the loss site with their mobile devices.”
Verisk describes how the tool is used as follows. To create a contents inventory, restorers point their smart device camera at an item. The object-recognition technology in ContentsTrack instantly identifies the item, enters a description, and lets the restorer mark the item for cleaning, reinstatement, or storage—all within a matter of seconds. Once the contents inventory has been created, restorers can use the app to track personal contents items until they are returned to the policyholder, allowing for a complete and accurate chain of custody.
Restorers can also add photos, notes, and voice recordings to individual line items to provide more thorough loss details. Data captured in ContentsTrack can be synced with Verisk’s structural estimating solution, Xactimate, and its policyholder self-serve solution, ClaimXperience, which the vendor says saves time and eliminates duplicate data entry when estimating contents reinstatement costs.
Savings in Labor Costs
“Early adopters of ContentsTrack have reported tremendous savings in labor costs and much higher productivity,” said Ben Blain, Head of Property Claims, Verisk. “It can eliminate or simplify many tedious steps in the removal and reinstatement processes so restorers can devote more focus to restoring policyholders’ most treasured possessions.”