AIR Worldwide Expands ISO PushPin Database to Streamline Property Valuation and Catastrophe Modeling in 48 States

 — November 11, 2008 — 

AIR Worldwide Corporation (AIR) announced today it has expanded ISO PushPin, its database of property-specific building characteristics for the insurance industry, to more than 75 million residential properties. The update adds five million properties to the database, including property data in eight new states and more than 600 new counties. ISO PushPin now includes property-specific information on residential properties in 48 states plus the District of Columbia.

ISO Pushpin is compiled by AIR Worldwide Corporation and is available through 360Value™, a leading replacement cost estimator. It can also be embedded into workflows incorporating AIR’s catastrophe modeling applications through AIR Integration Solutions.

“ISO PushPin is an excellent way for insurers to jumpstart the property valuation process,” said Edmund Webecke, general manager for 360Value. “Upon entry of an address, the ISO PushPin database is immediately accessed and, if available, property-specific information is pre-filled into the appropriate fields. Agents can save time by simply verifying property information, rather than collecting it from scratch."

In addition to use in the underwriting process, ISO PushPin is leveraged for the 360Value Portfolio Insurance-to-Value (ITV) service that provides companies with an assessment of portfolio-level insurance-to-value without the need for policyholder contact. ISO PushPin’s property-specific information is used to estimate replacement costs for individual properties within a portfolio. The results can be compared with current Coverage A amounts to help evaluate insurance-to-value for the portfolio and individual properties.

Since much of the data collected in the underwriting process is the same data needed for catastrophe analysis, ISO PushPin can be used to connect the underwriting and catastrophe modeling functions. By leveraging ISO PushPin data collected at the point of underwriting for use in catastrophe modeling, insurers will be able to increase the quantity and quality of property-specific data used for portfolio and individual risk catastrophe analyses.

ISO PushPin can pre-fill as many as 17 property characteristics into 360Value. This includes key information such as year built, total living area, roof type and shape, exterior wall type, heating and cooling systems and much more. Before the data becomes available in 360Value, ISO PushPin quality assurance procedures clean and convert the data into a form appropriate for estimating replacement costs. For example, total living area is distinguished from building area. If brick exterior is indicated, the type of brick construction — brick veneer, brick on block, or solid brick — is inferred based on the age or construction type of the building.

First released in 2003, ISO PushPin is used by many insurance companies to streamline the policy quoting process. The database has gradually grown and in this latest release adds property data from Indiana, Maine, North Dakota, Nebraska, New Hampshire, New Mexico, South Dakota, and Wyoming.

About AIR Worldwide Corporation

AIR Worldwide Corporation (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 50 countries. More than 400 insurance, reinsurance, financial, corporate and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and property replacement cost valuation. AIR is a member of the ISO family of companies and is headquartered in Boston with additional offices in North America, Europe and Asia. For more information, please www.air-worldwide.com.

About 360Value

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.