Professional Documents
Culture Documents
Product Prospectus 1
Product Prospectus 1
For my senior project, I intend to provide an estimate of damages and coverage regarding a specific
insurance claim. The purpose of this product will be to accurately show how insurance estimates are created.
This product will consist of more than one part. The first part will be a blueprint/Sketchup of the house that had
damages due to hail damage. This part will include the overall dimensions of the roof and exterior walls as well
as accessories on the house. The next part will be a spreadsheet that contains the different materials that need to
be replaced. This spreadsheet will also include the price that it will cost to replace. There usually are many
different documents that pertain to one claim, so I am sure that there will be more physical documents included
once I get rolling. Some things that will need to be replaced include, shingles, siding, windows, and whirlybirds.
The real-world application is obviously to show how the damages are calculated.
There is a wide range of materials that I will need to create this product. First of all, I will need a tape
measure. I will be using the tape measure to get the measurements of the house that are required. Next, I will
need a notebook and pen. I will use these tools to keep track of the dimensions and to make notes of the different
products used on the house that will be replaced. I also might need a device called a shingle gauge. A shingle
gauge is a simple tool, and it is used to measure the size and the wear of the shingles. A ladder is something that is
also necessary so that I can get on the roof and inspect it for damage. There needs to be proof of the damage, so a
camera is also needed to get photographs of the damages. Lastly, I will need to have access to Xactimate and a
laptop or computer that is compatible with it. Xactimate is a software that allows you to make sketches of all sorts
of different things and it calculates the amount of product that a building has, or needs to be replaced. I will have
to pick a day where I can join my mentor on a claim that will fulfill my needs. I am going to have this done by
February 25th. After that, I will use Xactimate to make a very detailed sketch of the house so that I can find the
number of materials needed for each part of the house, I plan to have this done by February 28th. The next step
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is to find the products that need to be replaced and find the quantity that will be needed so that I can formulate a
price. This step is reasonably easy because it is just an extension on inspecting the property and Xactimate is
very helpful, so I plan to have it done by March 3rd. Lastly, I will finish figuring all of the prices so that I can
formulate a complete and detailed list of what needs to be replaced, and how much money the policyholder
should be reimbursed. If everything goes to plan, I would like to be completely wrapped up no later than March
8th, which should give me plenty of time to make changes if they are necessary.
Going out and physically inspecting the property is the aspect that I think I will enjoy the most. I really
enjoy hands-on activities plus going out and seeing new things and places. The next step, which will be the most
difficult for me is getting my claim completely set up in Xactimate. Although I have some history with it from
shadowing, there still is a lot to learn. The software is the most commonly used program in the insurance
adjusting world, and most adjusters are required to have a thorough understanding of it before they are given a
job. To overcome this, I will take advantage of having a mentor, and ask them to guide me through the process.
Also, I will use the internet, as many different training videos can be accessed for free. I will more than likely be
asking my mentor for help in multiple ways, and I also will ask Mr. Rudebusch for help regarding how he wants
things organized.
Now that I have decided what I need to do, my next step is to talk with my mentor and get access to an
actual claim that they are currently working on or recently completed. Consulting with them about getting me
started with Xactimate will follow up shortly after. Surprisingly, I feel very prepared for this, this is because I
have a general knowledge of what I am doing and I know I have help if I need it. At this point, I am not dreading
it, I do feel in a bit of a rush, but once I get started, I don’t think it will take too long. In no way do I feel
apprehensive because like I said, I have easy access to great helpers. If anything, I am excited, because it will be
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my first trial run at this and I will get another perspective of insurance adjusting. Finally, I am excited to get
started and I can’t wait to see how my final project turns out!