Verified Data Analytics is a software company that seeks to revolutionize the way measurements, 3D wireframing, automated drone flights and customizable reporting are conducted within the construction and insurance sectors. Michael Fiedel sat with Anna Arceneaux to learn more about how Verified Data Analytics is impacting the industry.
What is Verified Data Analytics’ client focus?
Our client focus is primarily in two sectors: the exterior-construction sector for residential and commercial insurance claims and the inspection sector with application to the home inspection and governmental disaster recovery inspection.
Our focus is on helping the construction and inspection industries document damage data and translate that into reliable claims payment information. Our goal is to provide insurance companies information at an accuracy level sufficient in most cases to forgo the need to send their adjusters to inspect every claim because we provide comprehensive documentation.
What does your product do?
Verified Data Analytics offers innovative software that analyzes imagery and fully automated drone flights, as well as data from handheld smartphones. Our software delivers automated data analytics to document damage, generate wireframes and dimensions and compile comprehensive reports tailored specifically for insurance claims.
How much capital have you raised?
To date, we have not raised external capital. The company has been wholly funded by capital contributions from the three individual members who currently own Verified Data Analytics and its services.
Was the company born from within or outside the industry?
Our leadership team is a balanced partnership, combining expertise from the roofing and exterior construction sectors, independent insurance claims adjusting and software development industries.
What growth metrics have you accomplished over the last 12 months?
While we are actively launching our product into the market presently, and have garnered interest from potential customers, we do not yet have formal growth metrics. Our residential drone beta test has successfully conducted over 1,500 flights, showcasing the software's effectiveness in collaboration with several insurance companies for claims documentation.
Within your domain, what is the current challenge that the industry is facing?
The predominant challenge is as the number of experienced property claims adjusters diminishes, our tools provide a means for less experienced inspectors to gather consistent, reliable data for claims estimates and reports. Bridging the gap between inspection data analysis and the operations of insurance claims professionals is critical to generating reliable inspection reports and settling property damage claims. Our software is engineered to deliver precise documentation of damage and required dimensions, facilitating claim approval with or without the need for an adjuster on-site.
How does Verified Data Analytics take a unique approach to providing value?
Our distinctive approach is rooted in the diverse expertise within our leadership team, which combines insights from exterior/roofing contracting, property insurance claims adjusting and software development. We are dedicated to providing analytics that empower our clients, enabling them to gain insurance carriers' trust through comprehensive documentation. Unlike competitors who merely bundle various software applications, our offerings—VDA Drone and VDA Pro—provide an all-in-one solution specifically tailored to meet the insurance industry's needs.
What inspired the team to start this company?
The impetus for starting this company originated from a clear need expressed by insurance carriers to reduce loss adjustment expense and to cope with the increasing scarcity of experienced adjusters in the field. This need, aligned with advancements in imaging and scanning technologies, compelled us to create a more holistic solution than currently available.
Can you share any goal(s) for the next 12-month?
In the upcoming year, our goal is to successfully launch VDA Drone and VDA Pro to the exterior construction sector while continuing to develop and enhance our software to facilitate interior inspections and imagery for insurance claims adjusters and inspectors.
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