Verisk Insurance Solutions Offers Property Prefill in 360Value to Help Commercial Property Insurers Streamline Replacement Cost Estimation
Verisk Insurance Solutions, a unit of Verisk Analytics (Nasdaq:VRSK), today announced the integration of commercial property characteristics into 360Value®. After entering an address, insurers can prefill actual building characteristics into the appropriate 360Value field to help streamline the replacement cost estimation process. 360Value is a leading replacement cost estimator for residential, commercial, and agricultural properties.
360Value commercial property prefill is powered by Verisk’s ProMetrix®, a database of site-verified building information for approximately 3.4 million commercial structures in the United States. As many as 11 commercial building characteristics can be prefilled in 360Value to initiate the replacement cost estimation process. These include critical data elements such as building use type, square footage, number of stories, and construction method.
“Prefill enhances and speeds up the quoting process,” said Scott Amussen, assistant vice president and 360Value product manager. “Agents can now verify building characteristics with customers rather than collect the information from scratch. This allows more time to accurately capture critical property information, resulting in better replacement cost estimates.”
ProMetrix currently contains records for buildings in 45 states plus the District of Columbia. Each year, approximately 250,000 new records are added to the database based on physical building surveys. Insurers that write more than 87 percent of U.S. commercial lines property coverage use ProMetrix data, which is the industry-standard source for property-specific commercial information.
“Commercial insurers are increasing their reliance on integrated, automated workflows,” said Bill Foster, assistant vice president, Verisk Insurance Solutions – Commercial Property. “Prefilling ProMetrix data into 360Value streamlines the insurer underwriting process in a way only Verisk can offer.”
About Verisk Insurance Solutions
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.