BOSTON, Nov. 29, 2005 — ISO and AIR Worldwide Corporation announce the implementation of ISO HomeValueTM by The Seibels Bruce Group, Inc. ISO HomeValue is a web-based residential replacement cost estimator that can be integrated into virtually any underwriting or policy-quoting system. Seibels Bruce chose Catawba Insurance Company, which writes homeowners policies in South Carolina, for its initial implementation of ISO HomeValue.
"ISO HomeValue has already become a key underwriting application for our Catawba underwriters and independent agents," said Andy Banco, a product manager at Seibels Bruce. "ISO HomeValue was easily integrated with our underwriting system. Since our rollout was a painless process, our staff and independent agents were able to incorporate objective information quickly from ISO HomeValue into their policy submissions."
ISO HomeValue is an all-in-one solution that allows underwriters and independent agents to estimate the replacement value for houses ranging from a 2-bedroom bungalow to a 12-bedroom estate. It calculates replacement values using the latest component-based technology that accounts for location, size, age, number of stories, construction materials, and exterior and interior finishes, utilizing current local material and labor costs.
About The Seibels Bruce Group, Inc.
The Seibels Bruce Group, Inc., headquartered in Columbia, South Carolina, is a holding company for two property and casualty insurance companies that offer commercial, nonstandard automobile and homeowners insurance. In addition, Seibels Bruce offers claim administration services to insurance companies and other businesses through INS, and managing general agency services through Seibels, Bruce & Company. Additional information about Seibels Bruce can be found online at http://www.seibels.com.
About ISO HomeValue
ISO HomeValue is an innovative property replacement valuation system that enables insurers and their agents to make reliable estimates of the replacement cost of residential properties in the event of a total loss. By helping to ensure that property policies are written to reflect full replacement value, ISO HomeValue improves underwriting profitability by containing premium leakage. Its intuitive, web-based interface streamlines the replacement cost estimation process and strengthens the insurer-agency relationship. ISO HomeValue is designed with the flexibility to enhance an insurer's unique workflow needs. It can be integrated with in-house and third-party applications, as well as with a wealth of data sources from ISO. ISO HomeValue was developed by AIR Worldwide Corporation, a subsidiary of ISO.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.
Michael Gannon (AIR)