Builder LP StratiCo transforms claim repairs with 3D insights

Sydney-based builder LP StratiCo says it has drastically cut the number of days spent on insurance claim repair management with the use of advanced technology.

Director Phillip Strati says a new innovative way of assessing claims within the insurance industry is long overdue.

“The current method to simply try to upscale and train resources during an event is not a viable and effective solution,” he said. “I think we’ve definitely developed a process that’s proven its capabilities and is modernising the industry.”

The family-owned boutique building firm says it regularly works with a large insurer and is making best use of technology to provide simultaneous oversight to various parties involved on a claim during repairs.

Pilot trials on hundreds of its claims cut turnaround from 14 days to an average of 3.5 days, it says.

“Within 24 hours of an allocation, the claim is assessed and by day two of the cycle our 3D technology accelerates the process, enabling multiple teams to work on the claim simultaneously,” Mr Strati said.

LP StratiCo’s system, conceived after severe weather struck Sydney, slashes handling times by minimising the need for assessors to attend the site, reducing scoping issues between insurers and builders, and providing a transparent repair cost.

The innovation comes as the industry battles more than 500,000 flood-related claims in recent years, many delayed by a lack of staff, materials shortages and supply bottlenecks.

Once LP StratiCo has completed a 3D assessment, it is automatically uploaded to its specialist team which can begin preparing an accurate scope of works instantly, with the technology then deployed to the next assessment.

“This stage of our process has a pre-qualified panel of consultants and contractors who are designated to completing make safes and specialist reports. This, combined with our 3D advanced technology, enables us to maintain an average 3.5-day assessment cycle,” Mr Strati said.

The team recognised a need for an alternate assessment solution after working on prior catastrophes and realised there “was a niche so we went out to market to develop a process”.

Mr Strati, Director Lina Strati and Operations Manager Kristian Kontakos say they are determined to modernise insurance claims management by investing in advanced technology and want major insurers to back their process innovation.

The process has already eliminated re-attendance at sites, they say, as well as variation of scopes of work as the assessment can be easily accessed and measured in real time.

“Our 3D technology has also proven its effectiveness in managing complex claims that require collaboration between multiple stake holders engaged throughout the claim,” Mr Strati says. He reports a “large improvement in our operation allowing us to provide the long-term solution to an ongoing industry-wide challenge”.