Mike Batesole, our CEO, founded AssetWatch® to empower people to better organize their everyday financial lives and help them minimize the loss and stress of emergencies.
How AssetWatch® was born
Mike’s neighbor, Tammy, left her house to go grocery shopping. One hour later, she returned to find her house engulfed in flames and surrounded by firefighters. A neighbor had spotted flames coming from the kitchen and had called the fire brigade. They put the fire out and determined the cause: a malfunctioning dishwasher!
Tammy and her family could not return to the house for several months and, though insured, they still faced significant losses.
Mike, a CPA and experienced in negotiating over $80 million in contracts thought he could do better. Despite his previous experience, researching the insurance recovery process taught him three surprising lessons:
- It's up to you. The burden of proving the ownership and value of assets rested firmly on Tammy and her family.
- You are on your own. Mike talked with lawyers, claims adjusters, and the California Department of Insurance. He found that every insurance claim is treated as its own event, even if you have the same policy with the same insurance company as your neighbor. Even with the exact same loss, how much you recover depends on how well you negotiate and provide back up for your claims.
- No single solution available (until AssetWatch®). Mike looked for help to solve his problem.
All he could find was home inventory software and storage services for medical information. There was no single service or solution that organized and stored financial records, medical and insurance documents, all in one place.
Mike realized that he had to stop putting his family at financial risk by not being prepared and AssetWatch® was born.