ValueChecker provides an automated item valuation tool for insurance claims handlers, utilizing a global product information database to identify loss items and determine fair Replacement Cost Values based on real-time local pricing. This technology reduces claim processing time by 15 minutes per product and achieves over 20% savings on replacement costs, ensuring transparency and accuracy in claim settlements.
Funding
$296.1K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Insurance claims processing for damaged or lost items is often a manual, time-consuming process that relies on adjusters to identify and value items, leading to inconsistencies and delays. Determining accurate replacement costs can be challenging, especially when items are no longer available or pricing fluctuates.
Solution
ValueChecker provides an automated appraisal solution that streamlines item valuation for insurance claims. By leveraging a global product information database with millions of products and real-time local pricing, the platform automatically identifies loss items and determines fair replacement cost values (RCV). The system identifies replacement products based on "like, kind, and quality" (LKQ) and calculates claim payouts with transparency regarding deductibles and depreciation. This enables faster claim settlements, reduces operational costs, and ensures consistent and accurate valuations.
Target Audience
ValueChecker targets insurance companies, third-party administrators (TPAs), and claims adjusters seeking to automate and improve the accuracy of item valuation in claims processing.
Features
- Global product information database with millions of items, updated with real-time pricing data.
- Automated identification of replacement products based on Like, Kind & Quality (LKQ).
- Calculation of Actual Cash Value (ACV) based on customizable depreciation rules, deductibles, and local tax rates.
- API integration with existing claims handling software for seamless data exchange.
- Web SaaS platform for immediate access without integration requirements.
- eFNOL (electronic First Notice of Loss) solution for online claims submission and instant valuation.
- Image & Receipt AI to analyze receipts and identify products through images.
- Customer & Adjuster Portal to create inventories of items, upload and analyze pictures and receipts.