360Value Reaches Milestone of One Million Valuations per Month
360Value®, Xactware’s web-based replacement-cost estimator, is now used to calculate more than 1 million valuations per month. Each month, more than 100,000 insurance agents, underwriters, inspectors, property owners, and others use 360Value to determine the cost to rebuild residential, commercial, and agricultural properties in the event of a total loss.
“This milestone is the result of the tremendous growth of 360Value over the past few years,” said Scott Amussen, Xactware’s assistant vice president responsible for 360Value. “In the last 12 months alone, three of the top 15 home insurers have switched to or expanded use of 360Value.”
360Value was co-developed by Xactware and AIR Worldwide, two of the property insurance industry’s most dynamic providers of software solutions and services. The advanced replacement-cost estimator helps insurers and policyholders maintain the appropriate insurance to value through the life of the policy. It is used to estimate replacement costs during quoting and underwriting, to update estimates for policy renewal, and to conduct periodic assessments of a portfolio to identify policies with outdated estimates and property information.
360Value replacement-cost estimates are component-based, meaning they account for all the material and labor components needed to rebuild the structure. The underlying material and labor cost data is derived, in part, from analysis of more than 3 million damage-repair estimates each year.
360Value is the only replacement-cost estimator to include a direct connection to a property repair estimation system, Xactimate®, which uses the same underlying reconstruction-cost data and is the system that claims professionals use most. This connection provides increased consistency between replacement costs estimated during underwriting and property-repair estimates.
“Many of our new clients cite the connection between 360Value and Xactimate as a primary reason for choosing 360Value,” Amussen said. “Connecting the underwriting and claims functions — particularly by leveraging the same pricing database — provides benefits from the initial quote through the final claims settlement.”
By underwriting with the help of replacement-cost estimates based on actual claims experience, insurers are better able to anticipate claims losses. In the event of a claim, 360Value can be used to jump-start the claims process, letting the adjuster update the replacement cost and review the property details before a site visit. Once the claim is settled, 360Value can be used to update the estimate to ensure the property is adequately insured in the future.
Xactware Solutions (Xactware) is a Verisk Analytics company that specializes 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. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or at www.xactware.com.