New Replacement Cost Tool Base is Growing Fast
Insurance carriers are turning to Xactware for new solutions in homeowner replacement cost calculations. Xactware announced several major new customers have recently signed on to utilize its web-based application, XactValue, in their underwriting processes.
"We could not be more pleased with our momentum in this new market," said Brad Jackman, Executive Vice-President of Xactware. "We are well-known as a leader for our estimating tools in the claims market and consequently were optimistic about our new offering for the underwriting market. The level of interest has been even higher than we had anticipated. Property carriers are anxious to see how our knowledge of claim settlements has positively influenced our underwriting product."
The XactValue application will be used by both the carriers' underwriting staff and their agents when determining replacement costs for structures, often referred to as the "Coverage A" value, on new and renewing policies.
Xactware claims to have designed a more accurate way to determine the replacement costs for homes and commercial structures by using the same component pricing during the initial calculation as that used by their market-leading claims estimating software.
"As a component-based application, XactValue breaks the calculation down to the individual pieces that make up the structure and then applies the same basic pricing used by claims adjusters when estimating losses in that local area," explains Eric Loveland, General Manager over XactValue. "It's naturally a better match for what carriers will see in the event of a loss because it's taken from the same source."
Xactware expects that the trend toward more accurate technology and better up-front underwriting knowledge will continue to help boost underwriting profitability across the industry.
According to Loveland, "The industry is moving in a good direction, looking closely at the whole underwriting process in an effort to improve ratios and to correct the underinsurance problems of the past. Having an accurate replacement-cost calculation at the start is one of the keys for future underwriting success."
About Xactware Inc.
Founded in 1986, Xactware, Inc., is a privately held technology services company (www.Xactware.com), specializing in the property insurance, remodeling, and restoration industries. Xactware's technology tools include software estimating programs for PCs and tablet PCs as well as powerful online systems for replacement cost calculations, estimate tracking, and data trending in real time.
For more information about Xactware's products and services, contact Xactware at 1-800-424-9228 or contact us online.