360Value™ Collaboration Enables Insurers to Efficiently and Reliably Capture Building Characteristics from Property Owners
ISO subsidiaries Xactware and AIR Worldwide announce 360Value™ Collaboration, a unique capability that allows insurers to provide property owners the ability to confirm and edit property information used to estimate replacement costs. 360Value Collaboration is available only through 360Value (www.360-value.com), which provides replacement-cost estimates for residential, commercial, and agricultural properties.
“Few have better access to and information about a property than the actual property owner,” said Edmund Webecke, general manager of the 360Value product. “We have created a process that lets property owners put that knowledge to work for their benefit. Accurate and detailed property information will provide the most reliable replacement-cost estimates possible. Since the process is web-based, it’s an excellent way for insurers to capture detailed property information with minimal effort and cost.”
In addition to the efficient collection of detailed property data, 360Value Collaboration provides insurers several important benefits that can extend throughout the life of the policy. At the point of underwriting, insurers will be able to track policyholder review and acceptance of replacement-cost estimates. Since replacement-cost estimates will be based on reliable and detailed property information, insurers will be more likely to collect premiums based on the actual risk of the property.
At renewal, 360Value Collaboration can be used to get updates easily from policyholders about renovations and additions, helping ensure insurance to value throughout the life of the policy.
Finally, customer service will be enhanced due to increased customer touch points and the appreciation customers feel when given the opportunity to help determine the appropriate coverage for their property.
360Value Collaboration is completely customizable and allows insurers to decide the level of property owner involvement most appropriate to their underwriting philosophy. Access can range from simple confirmation of known property data through full property owner access to enter extensive property data and estimate replacement costs on their own. For more information on 360Value Collaboration, please visit www.360-value.com.
360Value is a web-based replacement-cost estimator developed by a team from ISO subsidiaries Xactware Solutions and AIR Worldwide (AIR). 360Value is a full-featured solution set that is easy to implement and provides insurers with replacement-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make replacement-cost estimates with limited property information. 360Value includes the ability to prefill property-specific information for more than 70 million residential structures in the United States. Xactware is the leader in software estimating applications for the property insurance, remodeling, and restoration industries. AIR is the scientific leader and most respected provider of risk-modeling software and consulting services. For more information about 360Value, please visit www.360-value.com.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.