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Verisk (Jersey City, N.J.), a global data analytics and technology provider, has announced the launch of Xactimate Time & Materials, a tool accessible through the Xactimate platform that the vendor says is designed to improve the property estimation process by simplifying cost tracking and enhancing transparency for large loss residential and commercial jobs.
A Verisk statement announcing the launch asserts that, with Xactimate Time & Materials, users can easily estimate or capture costs, leveraging Xactimate’s extensive line items and pricing. The vendor says that 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,” the statement adds.
“We believe Xactimate Time & Materials will be a significant asset for restoration and renovation contractors,” comments Aaron Brunko, President, Property Estimating Solutions, Verisk. “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.”
Direct Submission of Time and Material Jobs
Verisk identifies as a key differentiating feature of Xactimate Time & Materials its direct submission of time and materials jobs into Xactimate, a tool utilized by many construction and restoration professionals, while providing transparency in an industry-acceptable format. The vendor says this new 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, Verisk reports. The vendor says that the solution’s seamless integration with Xactimate and XactAnalysis allows for more robust reporting and analysis.