LONDON, October 20, 2010 — Property insurance professionals can now easily track critical industry indicators, such as rates for retail labour and plasterboard materials, using newly released industry trend reports from Xactware, an international leader in claims technology solutions.
As an invaluable resource for professionals working in the construction and insurance industries, Xactware Industry Trend Reports provide users with highly detailed information on developing claims and pricing trends. These online reports are updated frequently and include important data on rates for retail labour, flood losses, plasterboard materials, smoke damage, timber, and much more.
“Xactware Industry Trend Reports provide users with a high-powered analytical tool that can help them monitor and respond to sudden fluctuations in the property insurance industry,” said Scott Beatty of Xactware’s Pricing Data Services. “For instance, our research shows that the cost of plasterboard materials jumped about 16.1 per cent nationwide in the last quarter of 2009. Users with access to this kind of data could spot these trends early on and then make necessary adjustments to protect their policyholders.”
The trend reports also allow users to drill down to specific regions of the U.K. — including England, Northern Ireland, Scotland, and Wales — to view local trends. Users can then make direct comparisons to see how regional trends stack up against national trends.
Xactware collects data contained in the trend reports through two methods: its claims management network, XactAnalysis®, and ongoing research.
XactAnalysis is Xactware’s claims management and analytical network. Insurers use XactAnalysis to track their assignment files and manage the claims journey from start to finish. As claims flow through the network, XactAnalysis analyses them for trends. In addition, Xactware’s in-house Pricing Data Services team constantly researches material and labour prices throughout the U.K. to collect reliable local rates. Once gathered, all of this information from XactAnalysis and the pricing team is automatically compiled into the trend reports to give users unprecedented access to critical industry information.
“Reliable information is paramount in the property insurance industry,” said Beatty. “There’s no need to rely on anecdotal evidence or best guesses with Xactware Industry Trend Reports. Users can easily log in to immediately find out what is actually happening in the industry.”
Visit Xactware’s website to learn more about Xactware Industry Trend Reports.
Xactware Solutions (Xactware) is a wholly owned subsidiary of Verisk Analytics specialising in the property insurance, refurbishment, and restoration industries. Xactware’s applications include buildings and contents 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.
For more information about Xactware’s products and services, contact Xactware at 020 7680 4970 or visit www.xactware.co.uk.
Xactware Director of European Operations
+44 (0)207 680 4981