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Northeast Insurers to Implement ISO HomeValue

BOSTON, 
Massachusetts
 — Monday, March 26, 2007 — 

Northeast insurers Preferred Mutual and Hingham Mutual have integrated ISO HomeValue™ into their underwriting process to improve decision making and workflow. ISO HomeValue is a web-based residential property replacement cost estimator that helps companies estimate the cost to re-build a property in the event of a total loss. In a testament to ISO HomeValue's growing and enthusiastic user-base, both companies were encouraged by their independent agents to provide ISO HomeValue for its reliable replacement cost estimates and objective property information.

"We chose ISO HomeValue because our agents literally asked for it," said Ron Martin, assistant vice president of personal lines underwriting at New Berlin, N.Y.-based Preferred Mutual. "Recently, a survey of our agents determined ISO HomeValue is the preferred valuation tool in many of our agencies. The key attributes highlighted by the agents include ease of use, accuracy, and the ability to streamline their workflow. Since agents play a vital role in the success of our company, we want to provide them with applications like ISO HomeValue that will help them continue to thrive."

"ISO HomeValue is developing a considerable reputation among independent agents in the northeast," said Bruce Arnold, senior vice president at Hingham, Mass.-based, Hingham Mutual. "Our agents have been very impressed with the accuracy of the replacement cost estimates based on their knowledge of local building costs. We've also received terrific feedback regarding the ease of use. The ISO HomeValue user interface is straightforward and simple, enabling our agents to get up and running with virtually no training."

In addition to reliable replacement cost estimates and ease of use, independent agents give high marks to ISO HomeValue's unique pre-fill capability that, in many cases, automatically populates a new record with numerous details about a property upon entry of an address.

The pre-fill information is provided by the system's underlying ISO PushPin database of detailed property features, including square footage, construction type, year built, roof type, and other relevant building characteristics for more than 70 million residential properties in the United States.

"The data available from ISO PushPin is truly unique for a replacement cost estimation application," continued Martin. "Since agents will have information about the specific property before speaking with the homeowner, they will be able to spend more time with their customers to collect the finer details of the home, rather than just the basics. Our agents will be able to provide a higher level of customer service, while ensuring our underwriting is based on objective and reliable replacement cost estimates."


About Preferred Mutual Insurance Company

Preferred Mutual Insurance Company primarily underwrites automobile, homeowners and commercial coverage through independent agents in New York, New Jersey, Massachusetts and New Hampshire. The company, incorporated in 1896, was rated "A" by A.M. Best Company for 2006. Corporate offices for Preferred Mutual Insurance Company are located in central New York State at One Preferred Way, New Berlin, NY 13411. For more information, please visit www.pminsco.com.

About Hingham Mutual

Established in 1826, the Hingham Mutual Fire Insurance Company (now part of the Hingham Group with Danbury Insurance Company, 1855) has a tradition of providing financial security and superior service to our agents and policyholders. Any company that is still going strong for 180 years is a good choice to handle protection for your home, business and most prized possessions.

About ISO HomeValue

ISO HomeValue is an award-winning residential replacement valuation system that enables insurers and their agents to make reliable estimates of the replacement cost of residential properties in the event of a total loss. ISO HomeValue can improve insurers' underwriting profitability by helping to ensure policies are written to reflect full replacement value. ISO HomeValue can be integrated with virtually any underwriting or policy management system, as well as with a wealth of data sources from ISO. When integrated with AIR Worldwide's catastrophe models, ISO HomeValue enables insurers to assess the catastrophe risk of individual properties at the point of underwriting. Recognized with an A.M. Best E-Fusion Award for underwriting management, ISO HomeValue was developed by AIR Worldwide Corporation, a subsidiary of ISO. For more information, please visit www.isohomevalue.com.