BOSTON, Feb. 8, 2006 — ISO and AIR Worldwide Corporation announce the addition of the California State Automobile Association (CSAA) as the latest insurer to benefit from ISO HomeValue. CSAA signed a multi year license for ISO HomeValue, a web-based residential property replacement cost estimator that helps insurers address insurance-to-value and contain premium leakage in their portfolio.
ISO HomeValue provides a reliable and objective estimate of the cost to rebuild a property in the event of a total loss. By using these estimates as the basis for determining the premium, insurers will be writing policies to the full replacement cost, thereby protecting the homeowner and avoiding premium leakage.
"After reviewing all the products currently on the market, we felt ISO HomeValue provided us with the features and benefits we were looking for to enhance our underwriting profitability," said John Donahue, vice president of insurance at CSAA. "ISO HomeValue helps us with the ability to make sure all of our policies are written to full replacement value within a very easy-to-use application."
The California State Automobile Association offers a wide array of automotive, travel, insurance and financial services to more than 4 million members. AAA has been a leader and advocate for the safety and security of all travelers since it was founded more than 100 years ago.
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 properties 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.