Hamburg, Michigan; August 25, 2020 – VTS is announcing a partnership with Koch Project Solutions. VTS’s mission is to expedite every aspect of commercial claims, including estimating and reconstruction. Using AI, drones, and 3D visual capture, VTS quickly and accurately gathers damage documentation on any size property in any location. In a few days, carriers and stakeholders get a visual data experience with objective and precise measurements for damage assessment and streamlining claims.
The partnership with VTS and Houston based Koch Project Solutions enables early and accurate damage estimates that lead to accelerated rebuilds. Koch Project Solutions brings over 50 years of experience in both the reconstruction and financing of capital intensive facilities. The jointly developed platform will enable facilities to reopen faster while reducing the time and losses due to business interruption.
“In catastrophic events, the carrier is writing a check every day while business is interrupted. We understand the massive impact of cost reductions by enabling a facility to rebuild faster,” says Paul Switzer, President of Koch Project Solutions. “It is essential for insurance appraisals, claims processing and facility operations to reduce the time and money spent on manual processes. VTS Precision Data Portal is a valuable investment in assuring the industry’s long-term competitiveness.”
When catastrophe strikes an industrial or manufacturing facility, the claims process for estimating and assessments is captured manually. Multiple parties visit the site to capture data and document damages. The valuation process is labor intense, antiquated, and can lead to delays in both settlements and reconstruction. The longer a business is interrupted, the more it costs carriers.
“The immersive and dimensionally accurate data set enables insurers and risk managers to walk through an objective, 3D virtual damage assessment, says John Chwalibog, CEO of VTS Scans. “The quality and nature of the data have led to 50% reduction in the time it takes for estimators to prepare claims. Our partnership with Koch Project Solutions delivers even more valuable efficiencies that expedite rebuilds and business restoration. When time is saved on reconstruction, that helps alleviate business interruption losses that can cost hundreds of thousands of dollars per day.”
The partnership will focus on the creation and implementation of the VTS Precision 3D Visual Capture platform.
The Digital Twin SaaS 3D platform and InsurTech services create industry-standard deliverables such as Xactimate sketches and 3D CAD models for the most accurate preservation of any property loss.
VTS is an InsurTech company that is transforming how insurers and facility operators do business. The Precision 3D Visual Capture platform delivers an immersive experience for streamlined claim management, up-to-date appraisals, accurate estimates, and accelerated rebuilds. VTS leadership combines 25+ years of cutting edge 3D reality capture technology with insurance expertise providing services and consulting to national insurance carriers, third party administrators, independent adjusters, and forensic engineers.
To Learn More:
VTS InsurTech 3D Report
About Koch Project Solutions
Koch Project Solutions is built on more than half a century of proven performance in the restoration and rebuilds of large scale, industrial and facility projects. As a Koch Engineered Solutions company, KPS builds capability and finance for capital-intensive businesses. Koch Engineered Solutions operates in 25 countries with 4,000 full-time employees at 56 global engineering and sales offices, and 17 manufacturing facilities. Koch Industries is one of the largest privately-held businesses in America.