Managed Repair is Transformed with Handdii Holdings Inc and Verisk Property Integration
- Innovative integration with Verisk to enhance digital experiences for property claims
- Streamlining the claims process and reducing the claim lifecycle
- Verisk's cloud-based solutions play a vital role in enhancing automation and productivity
- None.
The integration between Handdii Holdings Inc. and Verisk represents a significant advancement in the property insurance claims processing landscape. By leveraging Verisk's XactAnalysis and Handdii's digital platform, the partnership aims to streamline the claims process, which has traditionally been a time-consuming and complex task. This strategic move could potentially increase customer satisfaction and operational efficiency for insurers, leading to a competitive advantage in the market.
From a market perspective, the integration could attract new customers to both Handdii and Verisk by offering a more efficient claims process. This might also lead to increased retention rates for existing customers. The announcement of this collaboration could influence investor perceptions, potentially impacting the stock prices of both companies positively if the market anticipates improved earnings as a result of enhanced productivity and customer satisfaction.
Within the insurance industry, the ability to reduce claim cycle times is a key performance indicator. The integration of Handdii's platform with Verisk’s XactAnalysis could reduce administrative burdens on adjusters and shorten the time from claim initiation to resolution. The use of a vetted network of local contractors and the multi-party chat feature for transparent communication could lead to fewer disputes and quicker claims settlements. This is particularly relevant as it addresses the industry-wide challenge of improving claims efficiency while maintaining high standards of customer service.
For insurance companies, the potential benefits include lower operational costs associated with claims processing and reduced risk of fraudulent claims due to the rigorous quality assurance checks by Handdii. However, the dependency on technology raises questions about data security and privacy, which are critical in the insurance sector. Companies will need to ensure robust cybersecurity measures are in place to protect sensitive customer information.
The collaboration highlights the growing trend of digital transformation within the insurance industry, where traditional processes are being augmented or replaced by innovative technology solutions. The use of Xactimate, a leading estimating tool, within Handdii's platform showcases how industry-specific software can be integrated to create seamless workflows. The announcement also signifies the importance of cloud-based solutions and an interconnected ecosystem in driving digital innovation.
From a technology standpoint, the integration must be seamless and scalable to handle the high volume of claims processed by insurers. The success of this partnership will likely depend on the technical robustness of the integration and the ability of both companies to continuously innovate and adapt to changing market needs. For stakeholders, such as investors and insurance companies, the long-term impact of this integration will be measured by its ability to maintain high service levels while managing the complexities of data analytics and technology in a highly regulated industry.
handdii’s proprietary software functions as a digital repair platform, connecting insurance company adjusters and policyholders to a carefully vetted network of local contractors. This integration is set to transform the property claims landscape by simplifying and optimizing the claims reconstruction process.
William Bartley, Chief Technology Officer at handdii, stated, “We're streamlining the claims process to make it an easier and better experience for policyholders, contractors, and insurance companies. To achieve this, we have integrated with industry-leading solutions to optimize our offering. Today, we are delighted to announce this integration as a pivotal component of the interconnected claims ecosystem.”
Many of the world’s leading insurers use Verisk property estimation software and claims tools, which include solutions for every phase of a building's life. Verisk’s cloud-based solutions are connected to a comprehensive ecosystem that includes an assignment network, analytical reports, cost research, project management and third-party integrations.
“We are confident that our work with handdii will have an impact across the industry by enhancing automation and productivity,” said Aaron Brunko, president, Property Estimating Solutions. “Integrations are vital in providing the proper level of support to customers and providing them with a choice in who they partner with throughout the entire claims lifecycle. We are proud of the role that Verisk and handdii are playing in delivering these impactful and technology-driven solutions.”
Through this integration, initial claim data flows from XactAnalysis to handdii. A pre-qualified local contractor is promptly assigned and can leverage Verisk’s Xactimate estimating tool. After rigorous quality assurance checks by handdii’s team, the estimate is submitted to the adjuster via XactAnalysis for review and claim approval.
Once the policyholder selects the handdii contractor to proceed with repair works, the handdii platform facilitates the collection of necessary approvals, payment of the deductible, and offers full transparency throughout the repair process. This significantly reduces the claim lifecycle.
handdii’s multi-party chat feature fosters transparent communication among all stakeholders involved in the claim. By connecting policyholders, contractors, and adjusters, appointments and decisions are expedited and integrated into XactAnalysis.
This integration eliminates the need for adjusters to switch between multiple platforms, facilitating a first-class digital claims experience for policyholders and providing flexibility for local contractors.
handdii, with its local contractor network spanning 35 states, has consistently received high customer service ratings, averaging 4.9 out of 5 stars for the past 3 years.
About Handdii
handdii provides a cutting-edge digital repair network solution to the insurance industry, streamlining property claims. Their proprietary platform connects and simplifies the workflow between insurance companies and their customers, utilizing a pre-qualified network of local contractors. handdii prioritizes cost and timeliness control, offers transparency in the repair process, and delivers a convenient and delightful experience for all parties involved. Operating in
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240207456435/en/
Christie Downs
CEO & Co-Founder
(+1) 949-203-4546
tradecrew@handdii.com
Mary Keller
Verisk
338-832-7048
mary.keller@verisk.com
Source: Handdii Holdings Inc.
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