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Verisk Insurance Solutions (Jersey City, N.J.) has added property-specific data from current claims and underwriting estimates to its 360Value residential property prefill database. The additional data sources allow insurers to prefill as many as 67 residential building characteristic fields in 360Value, according to the vendor.
“Our latest enhancement to 360Value will help speed homeowner policy quoting by providing an even greater amount of property information to start the replacement cost estimating process,” comments Scott Amussen, VP, Verisk Insurance Solutions, responsible for 360Value. “The upgrade will also enhance insurers’ efforts to validate information from homeowners or agents.”
Insurers use 360Value to create component-based, cost-to-rebuild estimates for insured structures, the vendor reports. Having actual property information about the building under consideration enables the most reliable estimate to be made. 360Value property prefill provides this information when available, tapping a database that contains approximately 90 million residential structures, according to Verisk Insurance Solutions.
Millions of Replacement and Claims Loss Estimates
The new source of 360Value residential prefill includes information concerning existing claims and underwriting data provided by the millions of replacement cost and claims loss estimates processed by 360Value and Xactimate, Xactware’s claims loss estimation solution, Verisk reports. Other data sources include ISO PushPin, a database of insurance-ready public records data, and advanced analytics derived from terrain and road network data collected by Verisk Insurance Solutions. Information is available for many types of single and multifamily residential properties, such as condos, high-value homes, mobile homes, and manufactured homes.
Property prefill for the 360Value commercial module also draws from multiple sources. These include ProMetrix-Verisk’s proprietary database of more than 3.7 million site-verified commercial properties-and other third-party resources.