Xactware Unveils Web-based Valuation Tool for Underwriting
Xactware, the leading provider of claims software and services for the insurance repair industry, has bridged the gap between underwriting and claims by introducing XactValue Residential, an online valuation tool for homes. Most experts agree that a huge number of homes in America are underinsured-some say as many as 75 percent. XactValue Residential addresses the underinsurance issue by leveraging its industry-leading structural estimation product. Since Xactware's software and pricing data are used more often than all others combined to settle structural claims, it was only natural that the same engine be used to create component-based valuations for underwriting. Using the same engine for both underwriting and for claims was the next step in the technical evolution of these areas.
"It just makes sense that the company whose pricing is used most often for claims also provides up-front valuation tools for the underwriting market," states Brad Jackman, Executive Vice President of Xactware. "Many companies have wanted to better match their underwriting data with the claims industry data for years. Now they can because it's the same data."
XactValue Residential is the first completely online valuation tool from Xactware. The company is well-known for its estimating program, Xactimate, as well as a variety of online tracking and analysis tools that provide real-time information about claims.
"We had already done the work to create a robust online architecture as well as to develop all of the material and labor pricing for the U.S. and Canada for the claims industry. We've even been calculating total losses on homes for several years, a process that utilizes some of the same core logic as the process to create underwriting valuations. We had superior success in these areas and used that experience to develop our underwriting products," says Eric Loveland, General Manager of the Xactware subsidiary that produces XactValue Residential.
XactValue Residential creates valuations by first gathering a few pieces of information about the home from an agent or homeowner, then building a "virtual model" of the home behind the scenes, using smart assumptions built into the program. The result is a component-based calculation that individually outlines rooms in the home and determines what materials and labor are needed to build each room. Instead of applying overall statistical factors, the program matches the current pricing for drywall, lumber, doors, etc. to the amount of material needed for each room-and likewise for labor. Users can "drill-down" to any level of detail they desire to change qualities, adjust component assumptions, or simply add more information.
Xactware claims the program can be used to accurately complete valuations for a variety of home sizes and styles, including custom homes, because their component-based approach includes of a number of custom items typically found in custom and higher-valued homes. According to Loveland, this eliminates the need for a separate program when creating valuations for these types of homes. For most homes, the user can produce a valuation in less than two minutes that is 90 percent accurate or better.
"We were surprised at how easy the program was to learn and use," says David Lender, owner of an independent agency that works with many insurance carriers. "The ease of use combined with the accuracy we get in our local market make the program a great tool."
XactValue Residential runs on any computer with a supported Web browser and Internet connection. For more information on XactValue Residential, call Xactware at 1-800-424-9228 or visit XactValue at www.XactValue.com. An online demonstration of XactValue Residential can be arranged by contacting Xactware.
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.