An Industry First, Matterport TruePlan™ for Xactimate® Accelerates Property Loss Estimation by 4x to Help Shorten Insurance Claims Cycle
Restoration contractors can realize 5x productivity gains in sketch time, increase accuracy of sketches by 33% and estimate losses 4x faster
SUNNYVALE, Calif. — EMBARGOED UNTIL APRIL 8, 2021 at 6:30 am PST — Matterport, the spatial data company leading the digital transformation of the built world, today made TruePlan™ for Xactimate® available to its customers. A first-of-its-kind service, MatterportTruePlan eliminates the need for restoration contractors to manually sketch properties, accelerating the estimation process by 4x and shortening the insurance claims cycle. TruePlan generates accurate sketches of any space in one click, right from a Matterport 3D model already scanned by customers to visually document damage. According to a recent report from ATI Restoration, a Matterport 3D scan combined with TruePlan helped them realize 5x productivity gains in sketch time, increase accuracy of sketches by 33% and estimate losses 4x faster.
“Matterport has quickly established itself as a leading platform for insurance and restoration. We’re taking another big step into these industries with TruePlan for Xactimate,” said Indy Sen, Vice President of Product Marketing at Matterport. “We’re not only helping companies save time and money estimating damage, but accelerating the time it takes for claims to be processed which ultimately helps people get back into their restored homes or offices faster.”
Xactimate® software by Verisk is widely used by insurance companies and their adjusters tocalculate building damage, estimate repair and rebuilding costs, generate property loss estimates and put together claim settlement offers. The traditional method of documenting a site is time-consuming and costly, with estimators manually sketching the property with graph paper, a tape measure and digital camera. In addition to the hours it takes to produce a sketch, most companies average three days after the site visit to complete the estimate.
"The days of paper and pencil or Xactimate sketching on site are over,” said Robert Harrell, Director of Operational Improvements and Technology at ATI Restoration. “The combination of Matterport 3D scans and TruePlan for Xactimate efficiently produces the accurate, strategic data we need to estimate losses about four times faster.”
Today, many restoration companies already scan properties using Matterport and use the 3D model, or digital twin as visual documentation in lieu of photos and video. With the addition of TruePlan, customers can now generate an Xactimate-compatible file (.SKX) from the same scan in just one click. Within 48 hours, a complete and accurate as-built sketch of the property is delivered and can immediately be uploaded into Xactimate.
“Not only does Matterport TruePlan eliminate the need for, and cost of, manually sketching, it helps us optimize our staff, especially when catastrophic events occur,” said Ted Foster,
About Matterport Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
In February 2021, Matterport announced that it has entered into a definitive agreement to enter into a business combination with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed business combination, the combined company will be named “Matterport, Inc.” and intends to remain listed on NASDAQ under the ticker symbol “MTTR.”