Welcome back! Today marks our third Xactimate training session.
Today’s focus is on Xactimate claim Info, covering insurance specifics, coverages, losses, and parameters.
This session mainly involves data entry. You will enter customer and policy details, a straightforward task in Xactimate.
Let’s kick off with creating a new project carrier estimate, concentrating on claims information. Although insurance companies might have filled out some details, we will review and enter them ourselves.
We will input key details like the customer’s name, email, billing address, loss date, and inspection date. At times, the system might already display claim rep information, but it’s the contractors’ job to complete this section.
Next, we’ll select the insurance company, such as State Farm, and input all the required information. Entering contractor details, mortgage, and loan information remains optional; you can skip these if they don’t apply.
Moving on, we’ll tackle coverage and loss details. We’ll enter claim and policy numbers, specify the loss type (like a hurricane), deductibles, and coverage amounts for the building, other structures, personal property, and additional living expenses.
In cases where your estimate includes trees, remember to add tree removal costs. We’ll briefly cover parameters too, such as material depreciation and considerations for overhead and profit.
Remember, depreciation matters a lot for insurers to ensure fair payouts, retaining some amount until completion of the job. Overhead and profit become crucial for complex repairs that need coordinated efforts.
Finally, we’ll discuss how to enter data efficiently. With regular practice, this process becomes much faster, usually just taking a few minutes.
Now, I’m heading off to my inspection. Let’s aim for a productive session. Thanks for tuning in!