Orem, Utah, December 7, 2006 — XactValue reached a significant landmark recently when it processed its five millionth valuation.
XactValue is a tool used by the property industry to determine the replacement cost of a structure. The correct replacement cost is critical for both insurers and policyholders.
Among XactValue’s unique features is the way it builds an actual replacement-cost estimate for each building using the same replacement-cost data employed by most insurance adjusters and restoration contractors when they write damage-repair estimates.
“By building a bridge between underwriting, claims and the policyholder, XactValue helps insurers accurately estimate replacement costs while helping policyholders feel confident they have adequate coverage,” said Edmund Webecke, XactValue’s General Manager.
Users can complete a valuation using XactValue in just a few minutes through either an interview or checklist format. Behind the scenes, XactValue creates a completely component-based estimate from the footings to the ridge cap using Xactware’s industry-standard building cost data. Webecke says ease of use and an intuitive interface are also key components of XactValue’s success.
“XactValue is proving to be an excellent tool that allows underwriting, claims and the insured to work together,” said Jim Loveland, Xactware’s President and CEO. “As policies are renewed, the valuation can be updated with a click of a button, and the insured can easily provide additional information about remodels, additions and other changes that may affect the replacement value.”
Xactware’s aggressive research and development program continues to add cutting-edge features to XactValue. Recent advances include allowing policyholders to collaborate with insurers by validating key information, as well as enhancing component technology calculations that have improved calculation times by more than 80 percent in the last year alone.
About Xactware Solutions, Inc.
Xactware Solutions, Inc. (“Xactware”) is a wholly owned subsidiary of ISO specializing in the property insurance, remodeling and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking and data trending in real time.
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 United States and around the world, ISO’s services help customers protect people, property and financial assets.