itel Introduces New Vinyl Siding Pricing Solution, Available Today on Verisk’s Xactimate Platform

itel itel

The new solution drives efficiencies and precision into the property claims estimation process

June 20, 2023 09:00 AM Eastern Daylight Time

JACKSONVILLE, Fla.–itel, a data and technology company focused on optimizing the property insurance claims process, today announced the release of its Vinyl Siding Pricing (VSP) solution. Leveraging a robust data set of wholesale and retail price points, product availability, and material specifications, VSP provides property insurance carriers a precise, timely, and localized price for vinyl siding.

“Carriers today are choosing to invest in technology that drives results without overburdening adjusters,” said Chris Touchton, president at itel. “By leveraging data-driven pricing solutions like VSP, carriers can reduce cycle times, better manage costs, and lower dispute risk—without creating a headache for adjusters. This product furthers our mission of making the claims process frictionless and fair for everyone.”

VSP is available today on the Xactimate platform from Verisk, a strategic data analytics and technology partner to the global insurance industry. itel’s pricing data can be easily ordered by adjusters as they create an estimate within the claim file.

“itel’s VSP is a natural fit for Verisk’s Xactimate platform,” said Aaron Brunko, president of property estimating solutions at Verisk. “The solution provides another way for carriers to refine their claims estimates with greater speed and precision, and leverage Verisk’s ecosystem of insurance solutions.”

With the release, itel continues its commitment to helping carriers succeed with innovative, data-driven products and services. In 2021, itel launched a sister pricing solution called Asphalt Shingle Pricing (ASP). The solution gained quick traction in the industry and is on track to provide pricing data for nearly one million property insurance claims in 2023.

Vinyl Siding Pricing (VSP) Key Features & Availability

• Complements Xactimate pricing with precise prices for vinyl siding from our large network of suppliers.
• Available in real-time to adjusters as they build an estimate of the cost of repairing or replacing the policyholder’s property loss.
• During catastrophic weather events that significantly impact supply, VSP provides pricing updates on the zip-code level.
• Guaranteed fulfillment program; itel will procure and ship vinyl siding at the provided price for up to 60 days.
• Available today on Xactimate platform from Verisk.