Flexible Integration Options Lead Phenix Mutual to Choose 360Value for Replacement-Cost Estimates
Aiming to streamline its replacement-cost estimation process for residential and commercial properties, Phenix Mutual recently rolled out 360Value for its 200 independent agents. 360Value, a replacement-cost estimator developed by ISO subsidiaries Xactware and AIR Worldwide, uses building-cost data based on actual claims experience to provide insurers with reliable replacement-cost estimates.
Executives at Phenix Mutual, a Concord, N.H.-based insurance company, said the ability to implement 360Value in a way that ideally suits their underwriting workflow was a key factor in the decision to license the product.
"We want to make it as easy as possible for our agents to write policies with us", said Rolf Gesen, president and CEO of Phenix Mutual. "360Value streamlines the replacement-cost estimation process. It enables us to provide our agents seamless access to replacement-cost estimates from our quoting system. 360Value further simplifies our agent workflow by prefilling property-specific data from ISO PushPin into 360Value."
When agents log on to Phenix Mutual's quoting system and enter information for a new policy, they can estimate the replacement cost of the property by simply clicking a link to 360Value. This provides agents access to 360Value without the need to log on again.
In addition to the data prefilled from the Phenix Mutual quoting system, in many cases, additional property-specific data will prefill into 360Value from ISO PushPin — a database of property-specific information designed specifically for the insurance industry. ISO PushPin can return as many as 17 property characteristics and includes more than 75 million residential properties in the U.S. covering 48 states and the District of Columbia.
"We developed 360Value not only to be easy to use, but also to be easy for clients to implement, "360Value General Manager Scott Amussen said. "Phenix Mutual chose an implementation that meets the specific needs of their business process. However, it's just one example of the numerous options available with 360Value."
About Phenix Mutual
Since 1886, Phenix Mutual Fire Insurance Company has been offering property and causality insurance throughout New England and South Carolina. Located in Concord, N.H., Phenix Mutual, in partnership with their 200-plus independent agents, offers quality coverage and personal service. For more information about Phenix Mutual, please visit www.phenixmutual.com.
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.