(Image credit: Josh Olalde/Unsplash.)
Verisk, (Jersey City, N.J.), a global provider of data and analytics solutions to the insurance industry, has announced the expanded integration of its 360Value replacement cost estimates on Duck Creek’s (Boston) Content Exchange.
Verisk’s statement says that, at a time when supply chain delays and inflation are rapidly changing reconstruction costs, the addition of 360Value for Personal Property will enable homeowners insurers to access localized, continually refreshed data on materials and labor costs from Verisk through the Duck Creek Platform. Verisk says 360Value is supported by robust data from actual claims and can help insurers provide up-to-date pricing and sufficient coverage amounts.
“Quick and easy access to reliable replacement cost estimates is super critical for homeowners insurers in today’s volatile market,” comment Rohit Bedi, Chief Revenue Officer, Duck Creek. “With the out-of-box integration of Verisk’s 360Value into the Duck Creek Content Exchange, carriers who use our software will now be able to make faster and more informed underwriting decisions throughout the policy life cycle.”
High-Quality Data in a New Channel
Verisk reports that 360Value is the latest of its products available on Duck Creek’s Content Exchange. Duck Creek customers can currently access a wide range of Verisk tools through the Content Exchange, including 360Value replacement cost estimates for commercial properties, insights into property changes over time and powerful, property claims management solutions.
“Supply chain challenges and inflation are making it more important than ever for property insurers to have access to current pricing data on labor and materials,” comments Doug Caccese, president of risk assessment, underwriting solutions, Verisk. “Adding our home replacement cost estimates to Duck Creek’s platform will enable insurers to leverage our high-quality data in a new channel and help ensure that policyholders across the United States can rebuild effectively if their homes are destroyed.”