14.02.2024

How does VIEWAPP save companies money on inspections?

Inspections are a common practice in many sectors, especially in the financial sphere.

Insurers, leasing companies, banks - all need inspections for different purposes:

- Underwriting acceptance,

- Loss adjustment,

- Condition and availability monitoring,

- Operation monitoring,

- Audit, and others.

If a company that has streaming inspections, i.e. mass and regular inspections, has not yet taken the step to digitize them, it is likely that it will soon regret it, because many financial institutions have long since researched the market for the best solution in this area and have joined the VIEWAPP digital inspection platform.

VIEWAPP provides a web interface for managing the inspections and a mobile app for the inspections themselves. VIEWAPP's digital inspection solves the following challenges:

- Compliance with inspection regulations,

- Ensuring the safety of the inspections,

- Transition to a paperless digital inspection process,

- Modernization of the inspection process from an inspection by company personnel to an inspection by the end user (customer).

The boost in cost reduction for the entire chain of steps that make up the inspection process is tangible not only in monetary terms, but also in personal terms, as routine processes related to the processing of inspection materials become much more convenient and faster.

Let's illustrate the "dry" point of "Ensuring the security of inspections": for example, a company controlling the stages of mortgage construction has a high risk of tampering with photo and video materials during stage acceptance if it has not yet digitized its inspections. This threatens that the spoofing of such materials could lead to unreliable information about the progress of construction, which could ultimately cause various problems such as:

1.           Financial Risks: Inaccurate data can lead to incorrect financial estimates and calculations. This may affect the construction budget and result in unexpected financial losses.

2.           Construction Quality: Material substitution can hide real construction quality problems such as construction defects or deficiencies that may become a problem in the future.

3.           Loss of customer and partner confidence: If it is discovered that construction information has been tampered with, it can lead to a loss of confidence from customers, investors and other stakeholders. 

4.           Legal implications: Data falsification can have legal consequences. The company could face lawsuits from customers, investors, or regulators. 

If the company evolves to outsource its inspections to customers, however, the cost reduction of inspections could be reduced by up to 70%. And these are proven numbers. The majority of the cost is the salary pool for inspectors and infrastructure costs, as well as transportation costs, and that's what is going to go unnecessary because everything is done remotely.