The Takeaways
- According to the Insurance Information Institute, approximately 4.8 million insurance claims are filed in the United States per year with 98% being related to property claims.
- Lack of proper damage documentation is a leading cause of an inaccurate claim settlement from your insurance company.
- Matterport, a leader in creating a 3D virtual twins of a real space, can provide accurate documentation of property damage for your insurance claim.
- A Public Adjuster can use Matterport technology to accurately document your claim damage, resulting in a higher settlement.
Every year millions of insurance claims will be filed by property owners nationwide. Based on data from the Insurance Information Institute, roughly 6% of the 80 million total homeowners in the United States will file a claim each year. This may seem like an insignificant amount, but this translates to approximately 4.8 million claims per year nationwide. Of these claims, the Insurance Information Institute states that 98% of these claims are related to property damage to the insured’s homes. The insurance claim process can take insureds through a roller coaster of emotions and struggles, especially if they are trying to navigate their claim without help from experts in the industry.
The Importance of Accurate Documentation
There are a plethora of mistakes that first-time claimants or even individuals with a few claims under their belt may make simply because insurance claims are not their day-to-day business. One of the biggest mistakes that homeowners and even some adjusters make is failing to properly document the relevant damage on site. Typically, when damage occurs, the insurance company advises the insureds to take photos of the damage to the structure. In some severe losses, insureds are asked to photograph and compile a list of all damaged personal items. However, some professional insurance adjusters are not adept at properly documenting every aspect of the claim and taking photos that truly “tell the story” of the loss. It is extremely easy for insureds to be flustered and incapable of accurately documenting their loss after suffering from a peril that caused damage to the most expensive asset that most people own. Typically, photos are either too close or too far away to properly give context to what is being shown. In some cases, there are no overview photos to allow a desk adjuster to understand WHERE the photos are taking place. Often many adjusters take inadequate photos; simply snapping a quick overview and a close-up but failing to capture the entire space.
This poor documentation can lead to later disputes regarding what was actually damaged due to a lack of evidence. This is one instance where technology like Matterport can put all inaccuracy to rest and start your claim out on a solid foundation by leaving no visual aspect of the loss up for debate.
What is Matterport?
Matterport is an all-in-one platform that assists Public Adjusters, company adjusters, insureds, and even contractors by enhancing documentation and communication surrounding damage at an insured location. It is referred to as “the standard for 3D space capture”, and is definitely a great explanation of the tool. With this tool, users can transform spaces in real life into their twin models in the digital sphere. So what is a “digital twin” and how can it help? A Matterport digital twin is the most accurate virtual 3D model of a real place - whether it be a room, an entire building, or an outdoor space. Digital twins enable all parties to accurately document a space and simplify how a loss is documented. Some people may ask how this is different from a simple panoramic photo that you can take of a home, but Matterport offers much more than that. It allows you to create, capture, and connect different areas such as rooms and turn them into fully interactive 3D space models. Inside Matterport the image capture specialists can use many tools to help document and notate your property in order to properly communicate what damage was observed. Once documented, you, your Public Adjuster, your insurance adjuster, and your contractor can virtually “walk” or inspect the property in real-time while they discuss the claim. Some of these beneficial tools are:
Dollhouse Views – 3D floor plan perspectives that resemble a doll house, fully interactive and photorealistic.
Commenting and Sharing Features – Public Adjusters can communicate data and collaborate more efficiently with others, as well as leave notes for everyone involved in the claim.
Matter Tags – These are links, notes, videos, and even close-up photos for fine details or hard-to-reach areas like the inside of cabinets, closets, attic space, etc.
Measuring Feature – once our specialists at True View Commercial scan your property and have the 3D model, they can use the measurement mode to accurately measure anything in it. The Matterport camera shoots in 4k and 3d and possesses a laser that measures every square inch that can be seen when scanning. This means that the virtual model is accurate down to the inch with a margin of error of roughly 1%. This tool can be used to settle disputes over common issues such as the length of countertops, dimensions of a room, dimensions of windows, or even something as simple as how tall the ceilings are in a given area.
What Does All This Mean For YOU, The Insured?
Fancy cameras and high-tech scans are wonderful but none of this matters unless it has real value to you, the insured. This technology will speed up claim approval and aid in closes claims by having the most accurate documentation possible. Matterport will eliminate any instances of policyholder evidence spoilage by showing an extremely accurate pre-mitigation scan that details your home in its state immediately following a loss. After mitigation is complete a second scan can be completed to show your insurance company that you are abiding by your obligations defined within the insuring agreement by documenting and mitigating damage accordingly.
Matterport also helps us reduce the occurrence of reinspections by allowing the insurance company adjusters to virtually “walk the property” from the comfort of their desk while providing them with the detail and feeling of actually being in the space. Using this tech, your Public Adjuster can produce higher-quality reports that reference overwhelming documentation through the use of digital signposts and guided tours. These tools provide your insurance company with exactly what they need to see.
Additional Benefits Of Matterport
Matterport is also helpful for real estate owners who DON’T have claims. Documentation of a property’s pre-loss condition is a fantastic tool to be able owners to show insurance companies that in fact, their property was in undamaged condition before a loss. These pre-loss scans can also show a contractor exactly what your home looked like before the loss, and if you simply want your home replaced exactly as it was before, can serve as a road map to getting back to a normal life.
True View Commercial is now proud to announce that we are a certified Matterport specialist with all of the capabilities and technology listed above. If you have questions or interest in this exacting new technology and all it has to offer, please contact us today.
