Verisk launches time and materials tool for job cost tracking

Verisk launches time and materials tool for job cost tracking | Insurance Business America

Property

Verisk launches time and materials tool for job cost tracking

It integrates into the company’s existing ecosystem as well as third-party partners

Property

By
Kenneth Araullo

Verisk has unveiled Xactimate Time & Materials, a new addition to the Xactimate platform, designed to simplify the property estimation process and enhance transparency for large loss projects.

Construction and restoration professionals can now utilize this tool, offering a streamlined approach to cost tracking and transparent expense reporting for large loss residential and commercial property restoration projects.

Xactimate Time & Materials allows users to estimate and record costs, capitalizing on the comprehensive line items and pricing available within the Xactimate platform. This digital solution seamlessly integrates with the existing Xactimate ecosystem, including XactAnalysis and Insights, as well as third-party partners and integrators.

Another notable feature of Xactimate Time & Materials is its direct submission of time and materials jobs into Xactimate. This integration offers transparency in an industry-accepted format, enhancing the validation and acceptance of estimates, while simultaneously reducing overhead and increasing operational efficiency for service providers.

The cloud-based solution also provides industry comparison reports and contractor/vendor comparison reports, enabling users to validate pricing estimates and make well-informed decisions. Furthermore, its seamless integration with Xactimate and XactAnalysis facilitates more comprehensive reporting and analysis, enhancing the capabilities of professionals in the industry.

“We believe Xactimate Time & Materials will be a significant asset for restoration and renovation contractors,” said Aaron Brunko, president of property estimating solutions at 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.”