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82 SPONSORED STORY FROM INSURANCE TO REO: ALACRITY SERVICES' PATH TO A NEW INDUSTRY By Jon Miko, CEO, Alacrity Services Alacrity Services is, in simplified terms, a contractor network management company. We have been in business since 1999 as an established, nationally recognized expert in the property and casualty insurance industry. Our lengthy relationship with a top-five insurance carrier helped us understand the intricacies involved with returning assets to pre-disaster state. Over the years, we have developed a national database to help evaluate the products and services necessary to complete a project on time and within budget guidelines. is level of detail, managed by our proprietary software, allows us to predict and locate the local services necessary to complete each project. Lowe's Companies, Inc. noticed our success which resulted in a strategic partnership. "As Lowe's was looking for ways to better serve the REO market and other B2B occasions, we sought a partner that not only had industry expertise and a track record of success, but one that also was operationally focused, and placed a premium on meeting their customers' needs," says Jay Rebello, Vice President of New Business Development & Corporate Innovation at Lowe's. Alacrity Services now is a wholly owned subsidiary of Lowe's. "It's been over two years since Lowe's acquired Alacrity and we continue to be very pleased with how this program is working," says Mr. Rebello. e complementary nature of the two businesses lends itself to an ideal symbiosis. Alacrity Services provides the contractors and Lowe's streamlines the supply procurement process. We take the two most common areas of delays and headaches and provide effective, streamlined solutions. Our partnership with Lowe's allows us to utilize their network of suppliers to maintain renovation timelines, streamline product selections, and effectively manage the ebb and flow of renovation projects. Alacrity has supported the mortgage banking industry since 2012 by applying our asset renovation acumen to the REO context. We locate credentialed contractors from our network and match them with the property insurance, mortgage banking and warranty industries. Each network contractor is familiar with the varying needs of renovation project management. is expertise allows them to customize the bid for each asset to the level of rehabilitation selected by our client. Alacrity catalogs every aspect of the project in our accounting system and can locate next generation rehabilitation components quickly. is results in assets quickly returning to occupancy ready status. Insurance claims after asset acquisition are on the rise. Instances of stolen HVAC units, appliances, and vandalism can change a renovation project into a remediation project. Unknown hazards like oil leaks or squatters further increase the need to secure the asset. For these types of projects, Alacrity's insurance industry background is invaluable for managing the claims process to a successful conclusion. e REO Industry Today Alacrity is a leader in the REO asset renovation arena. e five typical renovation strategies are: 1) full rehabilitation; 2) general repair; 3) white box; 4) property preservation; and 5) demolition. e current trend is property preservation. Jon Miko, CEO, Alacrity Services