Xactimate
About Xactimate
Xactimate is a widely used estimating software for property claims and construction cost estimation, developed by Xactware (a Verisk company). It standardizes loss cost estimates for insurers, adjusters, contractors, and restoration professionals, enabling faster, more consistent claim settlements.
Trend Decomposition
Trigger: Increased demand for standardized, audit ready property loss estimates in insurance and restoration sectors.
Behavior change: Claims professionals increasingly rely on digital, tabulated estimates rather than manual spreadsheets and handwritten notes.
Enabler: Cloud based access, updated national cost databases, and interoperability with claims management systems enable faster, shareable estimates.
Constraint removed: Reduced need for on site, handwritten estimates and disparate pricing databases; centralized, standardized pricing.
PESTLE Analysis
Political: Regulation around insurer claim accuracy pushes adoption of standardized estimation tools.
Economic: Efficiency gains reduce claim cycle times and dispute costs, lowering overall operating expenses for insurers and restoration firms.
Social: Stakeholders expect faster response and transparent pricing, increasing reliance on digital claim workflows.
Technological: Advances in software as a service, integration capabilities, and mobile estimation apps enable remote and faster estimations.
Legal: Greater need for defensible, auditable estimates supports standardized calculation methods and documentation.
Environmental: Digital workflows can reduce paper usage and on site travel when possible, supporting sustainability goals.
Jobs to be done framework
What problem does this trend help solve?
It solves the problem of inconsistent, slow, and inexact property claim estimates.What workaround existed before?
Manual estimating with disparate price books, spreadsheets, and anecdotal adjustments.What outcome matters most?
Speed and accuracy of estimates with cost certainty.Consumer Trend canvas
Basic Need: Reliable, standardized property loss estimation.
Drivers of Change: Regulatory expectations, insurer cost containment, and digital transformation in claims.
Emerging Consumer Needs: Faster settlements, transparent pricing, and digital claim status visibility.
New Consumer Expectations: Real time updates, auditable estimates, and mobile accessibility.
Inspirations / Signals: Adoption of industry standard data models and API integrations across claims ecosystems.
Innovations Emerging: AI assisted pricing recommendations, automated data capture from invoices and photos.
Companies to watch
- Xactware - Creator of Xactimate, the leading property damage estimation software used by insurers, adjusters, and restoration professionals.
- Verisk Analytics - Parent company of Xactware; provides data and analytics solutions that underpin Xactimate.
- Mitchell International - Major provider of collision and property claims software, including estimating capabilities and workflow tools.
- CCC Information Services - Offers claims management and estimating solutions used by insurers and repair networks.
- Symbility Solutions - Provides cloud based claims and estimating platforms for property and casualty insurers.