360Value's Building Cost Data Helps Pioneer State Regain Confidence in Replacement-Cost Estimates
Pioneer State Mutual Insurance Company has implemented 360Value to estimate replacement costs for residential properties. 360Value is a replacement-cost estimator developed by ISO subsidiaries AIR Worldwide and Xactware. The building-cost data used in 360Value is based in part on actual claims experience, providing Pioneer State with a renewed confidence in the reliability of the replacement-cost estimates it uses for underwriting.
"The tie-in with claims data was a key factor in our decision to replace our previous replacement cost estimator with 360Value, "said Jeff Little, director of loss control at Pioneer State. "We feel replacement-cost estimates used in underwriting that are based on data from actual claims losses are more realistic compared with estimates we've seen in the past. Our agents have noticed this too, commenting that properties they felt were previously valued too low or too high seem to be more in line with expectations."
360Value uses the same building-cost data available in Xactimate® - Xactware's property loss estimating system. Insurance carriers who use Xactimate insure more than 60 percent of U.S. properties. Approximately 80 percent of repair contractors and service providers also estimate with Xactimate. Xactware has developed an extensive process to research building-cost data locally throughout the United States and Canada. The process includes feedback from tens of thousands of Xactimate users in the field, extensive building-cost research by an internal team of experts, and analysis of actual estimates. Xactware has analyzed more than 16 million estimates to date, and thousands of new estimates are analyzed each month.
"The building-cost data in 360Value is based on actual reconstruction costs, not new construction costs, "said Edmund Webecke, general manager for 360Value. "This is a key advantage, as costs to rebuild properties can differ from new construction. Furthermore, a combination of market surveys and regularly reported claims data from the field ensures our clients are using the most current reconstruction data available. This data is also highly localized and incorporates costs for the latest building materials and techniques."
"We are very pleased with our decision to license 360Value, "continued Little. "In addition to our renewed confidence in replacement-cost estimates, we are particularly happy with the high level of customer service we've received from the 360Value team. All interactions with our client service representatives have been very positive. The team has worked hard to make sure our implementation is running smoothly and has been very responsive to our needs."
About Pioneer State Mutual Insurance Company
Since 1908, Pioneer State Mutual Insurance Company and its network of independent insurance agents have served tens of thousands of policyholders in Michigan. Today, the company offers a wide array of insurance options, including auto, homeowners, farmowners, mobile homeowners, businessowners, and workers compensation policies expertly tailored to the specific needs of each client.
360Value is a web-based reconstruction-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 reconstruction-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value's estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make reconstruction-cost estimates with limited property information. 360Value includes a unique ability to prefill property-specific information for more than 75 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.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.