Verisk Unveils New Vai-Powered App to Help Streamline Contents Removal Workflows After a Loss

With ContentsTrack, restorers can identify, document, catalogue, and track contents items faster and more effectively than with traditional methods

London, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, has released ContentsTrack™, a solution for online and mobile platforms that uses Verisk artificial intelligence and automation (Vai™) to help contents removal specialists quickly identify, catalogue, and track contents that need to be stored, cleaned, or replaced after a loss.

During the contents reinstatement process, restorers must document and track hundreds, or potentially thousands, of household items. The Vai technology in ContentsTrack uses image-detection artificial intelligence known as Object Recognition to help restorers significantly speed up their contents inventorying workflows.

“Most contents removal specialists use pen and paper to inventory personal property at the loss site and then have to type all that data into their systems later at the office,” said Joe Pendle, Verisk’s managing director of the U.K. and Europe. “ContentsTrack can help restorers eliminate unnecessary duplicate data entry and shave hours off their workflows by letting them capture all the information they need at the loss site with their mobile devices.”

To create a contents inventory, restorers point their smart device camera at an item. The object-recognition technology in ContentsTrack instantly identifies the item, enters a description, and lets the restorer mark the item for cleaning, reinstatement, or storage—all within a matter of seconds. Once the contents inventory has been created, restorers can use the app to track personal contents items until they are returned to the policyholder, allowing for a complete and accurate chain of custody.

Restorers can also add photos, notes, and voice recordings to individual line items to provide more thorough loss details. Data captured in ContentsTrack can be synced with Verisk’s structural estimating solution, Xactimate®, and its policyholder self-serve solution, ClaimXperience®, saving time and eliminating duplicate data entry when estimating contents reinstatement costs.

“Early adopters of ContentsTrack have reported tremendous savings in labour costs and much higher productivity,” said Ben Blain, Verisk’s head of property claims. “It can eliminate or simplify many tedious steps in the removal and reinstatement processes so restorers can devote more focus to restoring policyholders’ most treasured possessions.”

To receive a demonstration of ContentsTrack, call 00 44 20 7680 4970. For more information about ContentsTrack, visit Xactware.com.

ABOUT VERISK

Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index and the Nasdaq 100 Index. For more information, please visit www.verisk.com.

For media information, please contact:

Helen Christopher
+44 203 764 0367
hchristopher@verisk.com

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