360Value Offers Property-Specific Data for More Than 85 Million U.S. Residences
Database improves reliability, speed of valuation process
Xactware's web-based replacement-cost estimating solution, 360Value®, now contains property-specific information for more than 85 million residences across the United States.
The latest update adds structural data from 450 U.S. counties to the property prefill database within 360Value. The residential property prefill feature helps underwriting and insurance professionals save time during the valuation process by automatically entering as many as 19 building characteristics for a property. The 360Value database includes detailed information for millions of U.S. residences, including single-family homes, condos, and multifamily units.
"This expansion makes the 360Value property prefill database an even more powerful valuation tool by providing agents and underwriters with useful information about the structures they valuate," said Scott Amussen, Xactware's assistant vice president responsible for 360Value. "An agent simply enters the building address into 360Value, and property prefill immediately fills in important details that help the agent create a reliable replacement-cost estimate. This frees up the agent to confirm property characteristics rather than collect them from scratch."
360Value was codeveloped by the Verisk Analytics companies Xactware and AIR Worldwide (AIR). Insurance agents, underwriters, inspectors, property owners, and other property professionals use 360Value to calculate reconstruction costs and maintain insurance to value throughout the life of an insurance policy. 360Value residential property prefill automatically provides property details, such as year built, square footage, and roof type.
ISO PushPin™ – a database containing property-specific information from more than 2,100 counties in 49 states and Washington, D.C. – powers the 360Value property prefill. The data is insurance-ready, meaning it is cleaned and formatted for use in 360Value. Insurers have successfully incorporated ISO PushPin data into their underwriting workflows since November 2003.
For more information about 360Value, visit www.xactware.com.
Xactware Solutions (Xactware) is a Verisk Analytics (Nasdaq:VRSK) company that specializes 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 www.xactware.com.