Farmers Insurance Selects 360Value for Residential Replacement-Cost Estimates
The Farmers Insurance Group of Companies® (Farmers Insurance), the third largest home and auto insurance group in the United States, has selected 360Value® to estimate replacement costs for “Main Street homes” in California. Farmers Insurance has been using 360Value for “high-value" properties throughout its operating states since 2008.
Developed by Xactware, 360Value is a web-based reconstruction cost estimator for residential, commercial, and agricultural properties. Property insurance professionals use the program to create component-based cost-to-rebuild estimates for insured structures.
“We have been very pleased with the use of 360Value on our high value book of business,” said Susan Bithell, Vice President of Personal Insurance and Chief Underwriting Officer for Farmers Insurance. “In addition, by capturing the essential details of the home and applying the detailed building costs embedded in 360Value, we are able to provide our customers with a reconstruction cost estimate that satisfies the new ITV regulation in California.”
Farmers Insurance can also enhance customer service by using 360Value Management Reports, a business intelligence application that provides detailed insight into the data and processes associated with property valuation. 360Value Management Reports offers users an overview of changes to the underlying labor and materials reconstruction costs used for 360Value replacement-cost estimates. This data — which is available at the local, regional, and national levels — helps Farmers Insurance if questions are raised about changes in reconstruction cost estimates.
Susan Bithell said, “The analytic capability of 360Value is a powerful tool. The charts used to display labor and materials reconstruction cost changes are easy to understand, and they help to quickly resolve any concerns.”
For more information about 360Value, visit www.360-value.com.
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.