Utica National Selects Verisk’s 360Value

May 8, 2019 / 3 min read

JERSEY CITY, N.J., May 8, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced that the Utica National Insurance Group has selected 360Value^® to estimate replacement costs for commercial property and businessowners policies.

With 360Value, Utica National will be able to make insurance-to-value (ITV) decisions for underwriting and policy renewals with greater speed and precision. 360Value uses the same reconstruction cost data as Xactware^®, a Verisk business whose software is used to provide insurance repair estimates for approximately 80 percent of property claims in North America.

“To meet the needs of businesses today, we need a fast and reliable process to estimate replacement costs,” said Bill King, senior vice president and chief underwriting officer at Utica National. “360Value provides just that for our agents and underwriters. It’s a unique ITV system that combines site-verified property prefill information with a construction pricing database powered by actual claims data. This lets us provide the responsive customer service that our new and existing policyholders deserve.”

With as little as an address, 360Value can prefill site-verified building characteristics and calculate the cost to rebuild a structure. 360Value features area-specific pricing for 468 different regions in the United States and Canada and draws on Xactware’s comprehensive pricing data, which is based on millions of settled property claims and surveys of more than 100,000 contractors, subcontractors, suppliers, and other industry professionals.

“Reconstruction costs can vary significantly based on geography, making it difficult to provide quick and accurate underwriting decisions,” said Andrew Fellowes, vice president of property product management at Verisk. “With 360Value, Utica National will have access to Verisk’s robust data before quoting a policy, helping ensure that the right amount of coverage is offered and that it’s priced commensurate with the risk. Utica will also be able to align its underwriting with Xactware’s repair estimates, enabling enhanced speed and service across the policy life cycle.”

About the Utica National Insurance Group
Utica National is headquartered in New Hartford, New York. The principal company of the Utica National Insurance Group, Utica Mutual Insurance Company, was founded in 1914. Utica National is an award-winning, nationally recognized insurance group providing personal and commercial insurance products and services. It employs over 1,200 people countrywide and sells its products through more than 2,200 independent insurance agents around the country. Together with its agents, Utica National is committed to providing their mutual policyholders with valuable services and products to help them feel secure, appreciated, and respected. For more information, please visit www.uticanational.com.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com

Utica National Selects Verisk’s 360Value to Estimate Replacement Costs for Commercial Property and Businessowners Policies