(Image source: Utica National homepage.)
Utica National Insurance Group (New Hartford, New York) has selected Verisk’s (Jersey City, N.J.) 360Value to estimate replacement costs for commercial property and businessowners policies. The solution will enable to make insurance-to-value (ITV) decisions for underwriting and policy renewals with greater speed and precision, according to a vendor statement. 360Value uses the same reconstruction cost data as Xactware, a Verisk business whose software is used to provide insurance repair estimates for approximately 80 percent of property claims in North America.
“To meet the needs of businesses today, we need a fast and reliable process to estimate replacement costs,” comments Bill King, SVP and chief underwriting officer, Utica National. “360Value provides just that for our agents and underwriters. It’s a unique ITV system that combines site-verified property prefill information with a construction pricing database powered by actual claims data. This lets us provide the responsive customer service that our new and existing policyholders deserve.”
With as little as an address, 360Value can prefill site-verified building characteristics and calculate the cost to rebuild a structure, the vendor says. 360Value features area-specific pricing for 468 different regions in the United States and Canada and draws on Xactware’s comprehensive pricing data, which is based on millions of settled property claims and surveys of more than 100,000 contractors, subcontractors, suppliers, and other industry professionals.
Enhanced Speed and Service
“Reconstruction costs can vary significantly based on geography, making it difficult to provide quick and accurate underwriting decisions,” comments Andrew Fellowes, VP. property product management, Verisk. “With 360Value, Utica National will have access to Verisk’s robust data before quoting a policy, helping ensure that the right amount of coverage is offered and that it’s priced commensurate with the risk. Utica will also be able to align its underwriting with Xactware’s repair estimates, enabling enhanced speed and service across the policy life cycle.”