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Matterport Capture Services: Dan Smigrod Recommendations | Part 511860

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Video: REscan Intro | Video courtesy of REscan YouTube Channel (5 May 2020)

Video: How to take interval photos & time-lapse videos for 3D tours | Video curtesy of Cupix YouTube Channel | 8 July 2018

Matterport Capture Services: Dan Smigrod Recommendations | Part 5

Hi All,

In Matterport Capture Services: Dan Smigrod Recommendations | Part 4, I wrote that in Part 5 - this installment - I would provide an example of how empowering companies and photography agencies to offer Matterport at scale – would result in a much-much-much better long-term strategy than competing with these channels.

Example of How Empowering Companies and Photography Agencies to Offer Matterport at Sale
(much-much-much better long-term strategy than competing with these channels)

Imagine that:

✓ a hurricane in Texas causes wide-spread flood damage to thousands of homes
✓ wind damage results in hundreds of houses damaged by flooding in Florida
✓ a tri-state tornado destroys hundreds of homes in Missouri, Illinois and Indiana
✓ a wild-fire in California destroys hundreds of homes

Today, these catastrophic weather events can overwhelm private and public adjusters delaying insurance claim documentation and payments. There are simply not enough insurance adjusters when a catastrophic weather event occurs.

Now imagine, that the insurance company sees in real time, a Matterport Service Provider is presently within one mile of a claim, has indicated that s/he is available via an app and has taken a certification test in scanning for insurance claims and has agreed to the payment terms.

The insurance company places the order and the Matterport Service Provider see the booking on the insurance company app.

Boom! Done! A real-time booking of a Matterport Pro to provide documentation that a virtual adjuster can (more efficiently) review the documentation and setting the claim.

And, this works with non-catastrophic insurance claims where the marketplace needs to be as efficient as booking a Lyft or Uber and knowing a driver is within 10 minutes of the booking.

There's just one problem with the scenario.

It's way more likely that the booking platform would be developed and implemented by a third-party company that:

✓ sign-ups Matterport Service Providers
✓ does the certification that the MSP is qualified for insurance claim scanning
✓ has the appropriate safety gear
✓ has the a appropriate insurance coverage
✓ agreed to the payment terms and conditions
✓ has onboarded the MSP regarding how to enable availability and tracking via smartphone app

The problem with this third-party scenario is that the third-party company that has the breath and depth of experience and relationships in insurance claim documentation by third-party adjustors and documenters sees that Matterport is offering a potentially capture service.

Now, while Matterport will never have the breath and depth of understanding insurance claim documentation; the relationship in the space and build a platform like the above, the third-party company that would have decides either to:

not build the platform (because they are concerned that Matterport might (and have an unfair advantage)
use a Matterport competitor 3D/360 solution

Now imagine that a third-party platform is built out for various specialties (insurance claim documentation is just one vertical). Or, NOT BUILT OUT because photography agencies and companies decide to use a competing platform rather than taking the chance that the Matterport Capture Services Program is built-out for their vertical.

Yes. In the short-term, Matterport will likely succeed, but in the long terms, Matterport is shooting itself (and its Service Providers) in the foot by offering scanning services directly to end-users.

Matterport as the Uber of insurance claims documentation is just one of many examples where Matterport at scale mashed up with an Uber-like experience would solve big-big-big problems resulting in faster claim documentation and settlement; work for Service Providers and significant recurring revenue for Matterport.

This scenario may not happen because Matterport has decided to offer its Matterport Capture Service Program witch will stunt potential long-term growth.

Matterport Competitors

Today, there are 50+ 3D/360 cameras and 140+ virtual tour software/platforms. While Matterport is a great solution for insurance claims documentation, is NOT the only solution and more are on the way!

For example, four days ago, Menlo Park, CA-based, VC funded, REscan exited 4.5 years of stealth mode to announce its stunning 3D mapping solution that can scan up to 250,000 SQ FT per hour to create dimensionally accurate 3D models. View any sample REscan space in the REscan 360 App: iOS | Android] and you will immediately "get it" that Matterport is not the only option. (User tip: hold your finger on the round button to "walk around" the space.)

While initially REscan will likely focus on large indoor and outdoor spaces (where Matterport is irrelevant either for technical limitations of its scanning tech or the time (labor cost) it would take to complete a space. (In the REscan video above, they show a 45,000 SQ FT space scanned in 15 minutes. That would take 22.5 hours with Matterport assuming a way overly optimistic 30 minutes per 1,000 SQ FT.)

The above is an example of how empowering companies and photography agencies to offer Matterport at scale – would result in a much-much-much better long-term strategy than competing with these channels.

Real Estate Brands Choose Matterport Competitor

By the way, just two days ago (6 May 2020) EyeSpy360 announced its partnership with RE/MAX – RE/MAX 360 Tours powered by EyeSpy360. If you are RE/MAX, and you see an announcement by Matterport that they will be providing scanning at scale for Engel & Völkers, you too would probably look for a Matterport competing solution to differentiate your brand from Engel & Völkers. And, I could imagine that we will see more announcements like this where Matterport is NOT the partner ... [Shortly after I posted: EyeSpy360 Partners with North America's Large Reach Estate Tech Provider]

Since I have bought my Matterport camera in July 2014, I have seen Matterport:

✓ alienate Matterport Service Providers
✓ compete with Matterport Service Providers
✓ pursue strategies for short-term gain at the expense of long-term (much bigger gains)

The Matterport Capture Service Program is the trifecta:

✓ alienate Matterport Service Providers
✓ compete with Matterport Service Providers
✓ pursue strategies for short-term gain at the expense of long-term (much bigger gains)

Imagine if instead of competing with Service Providers, photography agencies and companies that Matterport inspired many capture solutions at scale using Matterport; leveraging the expertise of niche companies in insurance claims documentation and many other verticals?

This would be a much-much-much better long-term strategy than competing with these channels. Matterport needs a win-win-win strategy.

About the Uber of Business Model

While many Matterport Service Providers may object to the likely lower paid opportunities it is an opportunity to say when/where you are available to scan. Because it's a market place, if the insurance company - or whatever vertical it is - is not getting MSPs to reply, they will need to offer more until they do.

In Part 6 of my Capture Services: Dan Smigrod Recommendations to be published the week of 11 May in the WGAN Forum, I will reply to this comment from Part 4 of my series:
Quote:
Originally Posted by @JuMP
@DanSmigrod Your recommendations to Matterport is so good to MSPs, but it is too outstripped to be accepted by Matterport's management team. ...


I will have a lot to say on this topic.

Stay healthy,

Dan Smigrod
Founder
We Get Around Network and WGAN-TV
Atlanta

WGAN Forum Related Discussions

Matterport Capture Services: Dan Smigrod Recommendations | Part 1
I Apologize. I Made a Big Mistake.
Matterport Capture Services: Dan Smigrod Recommendations | Part 2
Matterport Capture Services: Dan Smigrod Recommendations | Part 3
Matterport Capture Services: Dan Smigrod Recommendations | Part 4
Matterport Capture Services: Dan Smigrod Recommendations | Part 5
✓ WGAN Forum discussions tagged: Matterport Competes with MSPs
✓ WGAN Forum discussions tagged: Matterport Capture Services Program
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Houston
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The reason there are not enough insurance adjusters is because insurance companies want to pay the minimum they can.

In the drone space they want you to fly the roof for an hour for $50. It's high risk flying involves flying 5 to 10 feet from the roof. This increases the odds of damaging your drone. Driving to/from the claim is not paid for or reimbursed.

On the insurance side, they refuse to pay IA (independent adjusters) for using drones. I suspect Matterport falls in the same camp. They are thrilled for you to invest $6K in tools that they want to use for free.

Heck, I had a request to go work as an IA yesterday. I told them no. They wanted me to work in Chicago, a pretty rough place to begin with. I'd have to drive there and back for free and pay all my expenses out of pocket. If it rains or snows for 3 days, that's my problem, not theirs. In return I get paid commission, a percentage of what the carrier is willing to pay. I estimated it would be $400-500 per day take home. Less risk and more reward staying home and working in Houston. It costs a minimum of $100/day for hotel/food on the road.... often double or triple that when there is a Hurricane. I had another request today, for Louisiana. I don't like that carrier. They are cheap and micromanage people. I still do better doing Matterport and the other things I do.

Now, NFIP does pay better.... and I'd use my Matterport for NFIP claims. I would not pay someone to scan properties for me though. I don't make enough and I doubt you want to bring your tripod into a flooded home that is full of muck, mold, and sewage.

There are plenty of adjusters. Staff and Independent carry the same license. Public Adjusters have a different license. In Texas alone there are 122,000 Independent Adjusters. The Texas license is particularly useful.

That's just my 2¢ as someone with 28 Independent Adjuster licenses.

Now, I do see MCS being able to ink a deal with the carriers. At which point they would pay folks to scan properties pre or post loss. But not every house needs a scan.
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