ISO, Xactware, and AIR Worldwide Announce 360Value, the Next-Generation Replacement-Cost Estimation Solution for the Property Insurance Industry
360Value™ is the fusion of HomeValue and XactValue
ISO, Xactware, and AIR Worldwide Corporation (AIR) today announced 360Value™ (www.360-value.com), the next-generation property-valuation solution for insurers. 360Value combines the most beneficial features of two leading replacement-cost estimators currently on the market, Xactware's XactValue® and AIR's ISO HomeValue™. The result is a unique offering that provides true component-based replacement-cost estimates and a number of associated underwriting solutions for residential, commercial, and agricultural properties.
As the industry leader in claims-estimation software, Xactware launched the online version of XactValue in 2002 to provide insurers consistency between underwriting and claims estimates. AIR Worldwide launched ISO HomeValue in 2004 to provide insurers better property data and replacement-cost estimates for use in underwriting and catastrophe risk modeling.
"Considering the value Xactware and AIR already provide insurers, we are truly excited about how 360Value will improve property valuation and overall risk management for the industry," said Frank Coyne, chairman, president, and chief executive officer of ISO. "The synergies among underwriting, claims estimation, and risk modeling will enable insurers to link not only applications but also the underlying data throughout many aspects of the insurance workflow. The result will be more streamlined business processes and a consistent and reliable view of risk."
360Value provides highly reliable and easy-to-calculate replacement-cost estimates from a single user interface. Estimates are based on the industry's most reliable building-cost research from Xactware, which contains data used to help settle the majority of property insurance claims in the United States. 360Value uses ISO PushPin, a source of specific and objective property data for more than 70 million U.S. residential structures that prefills actual property information into 360Value. Furthermore, 360Value includes a proven cost-modeling methodology that enables insurers to make reliable replacement-cost estimates with limited property data.
360Value is a full-featured solution set that is easy to implement. It provides insurers much more than traditional replacement-cost estimators, including access to the following capabilities:
- a unique capability that enables policyholders to collaborate with agents on-line during the replacement-cost estimation process
- the ability to analyze probabilistic catastrophe risk at the point of underwriting
- integrated access to vital underwriting data from ISO
- analyses to assess insurance-to-value of in-force portfolios
- analytics to manage workflow and evaluate results easily
- implementation options to meet the varied needs of large and small insurers
Insurers are already relying on the technology that underlies 360Value to conduct approximately one-third of all property replacement-cost estimates in the United States.
Xactware Solutions, Inc. ("Xactware") is a wholly owned subsidiary of ISO 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.
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, site-specific seismic engineering analysis, 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 visit www.air-worldwide.com.
ISO is a leading provider of products and services that help measure, manage, and reduce risk. ISO provides data, analytics, and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government, and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO's services help customers protect people, property, and financial assets. For more information, please visit www.isohomevalue.com.