OREM, Utah, and BOSTON, July 14, 2008 — The Farmers Insurance Group of Companies®, the third largest home and auto insurance group in the United States, has selected 360Value™ (www.360-value.com) to estimate reconstruction costs for its high-value home program. Developed by a team from ISO subsidiaries Xactware and AIR Worldwide, 360Value is a web-based reconstruction-cost estimator that provides easy-to-calculate reconstruction-cost estimates for residential, commercial, and agricultural properties.
“360Value brings strong property-valuation capabilities to our high-value home program,” said Todd Brooks, Vice President of Underwriting for Farmers®. “We’re pleased by the extensive level of detail we’re able to enter about individual properties, which is important when estimating the reconstruction costs of high-value homes.”
In addition to general attributes common to all homes, 360Value lets users add specific details about each room and options found almost exclusively in high-value homes, such as built-in home theaters, refrigerated wine cellars, motorized drapes, and more. 360Value also accounts for high-end features and finishes, including imported marble countertops, steam showers, and cedar-lined closets.
As a component-based reconstruction-cost estimator, 360Value accounts for material and labor costs associated with rebuilding high-value properties. The individual unit costs are highly localized and extensively researched by a dedicated team of construction experts. 360Value also gives Farmers the ability to estimate current construction pricing when offering to renew existing policies.
“We’re delighted that a company with Farmers’ reputation and long history has chosen 360Value to help estimate the reconstruction costs for their high-value homes,” said Edmund Webecke, General Manager of 360Value.
360Value provides synergies that complement Farmers’ underwriting workflow. Farmers currently uses ISO’s LOCATION® (PPC™ and Wildfire Services) and A-PLUS™ in connection with the underwriting of its property business. This data can be accessed through the 360Value user interface or integrated directly into Farmers’ policy-management systems.
360Value is a web-based reconstruction-cost estimator developed by a team from ISO subsidiaries Xactware Solutions, Inc., and AIR Worldwide Corporation (AIR). 360Value is a full-featured solution set that is easy to implement and provides insurers with reconstruction-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value’s estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make reconstruction-cost estimates with limited property information. 360Value includes a unique ability to prefill property-specific information for more than 70 million residential structures in the United States. Xactware is the leader in software estimating applications for the property insurance, remodeling, and restoration industries. AIR is the scientific leader and most respected provider of risk modeling software and consulting services. For more information about 360Value, please visit www.360-value.com.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/iso.