Annual Renewals Updates

Estimating replacement cost estimates with each renewal is an effective way to ensure insurance-to-value over the life of the policy. 360Value offers several ways to help insurers update replacement cost estimates for policy renewals:

• Inflation Factors — Many companies successfully use inflation factors to update replacement cost estimates for policy renewal. Each quarter Xactware provides an index of average changes to replacement cost estimates at the ZIP Code level.
• Automated Renewals Processing — Existing valuations can be recalculated using property-specific information and current reconstruction costs on an automated basis through a web service integration. Estimates can be calculated using property information from the policy or with 360Value property prefill.
• Batch Renewals Processing — Companies also have the option to submit files of policies to Xactware for batch recalculations.

By re-analyzing the replacement cost estimate of each property at renewal, insurers can be confident the portfolio is being optimized year after year.