ATI Shortens the Insurance Claims Cycle by 400% with Matterport
ATI realizes 500% productivity gains and accelerates restoration efforts using the Matterport platform and its TruePlan service
SUNNYVALE, Calif., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced that ATI Restoration, the largest family-owned disaster restoration contractor in the United States, has realized dramatic cost savings and productivity gains since its adoption of the Matterport TruePlan™ for Xactimate™ service, a software platform from Verisk. Used in conjunction with a Matterport 3D scan, TruePlan has helped the company increase productivity by 500% and speed up the estimation process for insurance claims by an average of 400%. In addition, the time savings from not having to sketch manually or conduct repeat site visits saves ATI the equivalent of more than $100,000 per estimator per year in labor costs.
"The days of paper and pencil sketching are over,” said Robb Harrell, Director of Operational Improvements and Technology at ATI. “We’re getting much more accurate measurements, dramatically faster field inspections, faster repairs, and faster claims resolution. Using Matterport digital twins and TruePlan for Xactimate has been transformative for our business and the industry at large, but most importantly, to the people trying to get their lives back to normal.”
Before adopting TruePlan, ATI estimators took photographs and manually measured and sketched damages onsite, often returning to verify measurements or capture an angle that may have been missed. ATI’s new workflow with Matterport eliminates all of these steps.
First, ATI scans properties with its Matterport Pro2 3D cameras to create photorealistic, immersive digital twins that can be accessed and utilized by estimators, subcontractors and insurance companies alike. TruePlan generates 99% accurate sketches from the digital twin, which eliminates the need for manual sketching of a property in Xactimate, the industry’s leading insurance claims software used to calculate building damage, estimate repair costs, generate property loss statements and create claim offers.
Estimators can now estimate repairs remotely from their home or remote offices with TruePlan because they can digitally measure damage from any angle inside the digital twin, use Mattertags to embed information, and add Notes to collaborate with others. The need for estimators to return to the site is reduced or even eliminated in some cases; even subcontractors can get the specifications they need from the digital twin.
“Companies like ATI not only see the value of Matterport and TruePlan, but take it one step further by aiding insurance carriers to improve the policyholder experience by settling claims faster. Digital twin technology is having a deep impact in the world of claims and advancing the insurance experience with every capture,” said Kimberly Burdi-Dumas, Global Director of Insurance Strategy at Matterport.
ABOUT ATI Restoration, LLC
ATI Restoration, LLC (ATI) is the largest family-owned disaster restoration contractor in the United States. It specializes in recovery efforts following earthquakes, hurricanes, fires, and other large-scale catastrophes. ATI employs 1,200 people across its headquarters in Anaheim, California and 26 branch offices. https://atirestoration.com/
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make spaces more valuable and accessible. Millions of buildings in more than 170 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.
©2021 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Senior Director, Communications
Soohwan Kim, CFA
VP, Investor Relations
This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the expected benefits of Matterport usage by ATI Restoration, Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50244790-cd42-471e-85e9-9108188467e6