Insurance companies become more important to contractors through partnerships. For example, National General Insurance Group (NatGen), providing expertise in high-net-worth insurance underwriting and claims, formed a partnership with CORE Group. CORE Group is a network of repair experts serving the same market This alliance gives NatGen Premier policyholders access to CORE’s restoration service providers should their home suffer property damage of any kind. CORE contractors meet the industry standards needed to perform the work, and are experienced, insured and fully vetted.
In addition, CORE Group has an alliance with Matterport, a company that provides an all-in-one 3D data platform to turn physical space into an accurate digital twin. The goal is to build a state-of-the-art claims services network for high-net-worth claim settlement with data acquired for and used by claims professionals, contractors, and policyholders.
Spatial data capture technology presents an opportunity to revolutionize the $100 billion/year property insurance industry. Matterport makes it possible to render a high-fidelity digital twin of any property by using special cameras, even within compromised structures where environmental hazards may be a problem. By documenting a property in 3D throughout its various policy lifecycles, carriers have improved their risk engineering. Should a loss occur, the forensic engineering and claims settlement activities are now more efficient. Matterport has a proven ability to mitigate disputes, while simultaneously managing fraud, waste, and abuse.
As more specialized suppliers to the construction industry join forces with insurance companies to offer multiple services, the market will benefit as well as the stakeholders: owners, contractors and trades.
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