Your book of business may be over- or underinsured if you're underwriting based on estimates that aren't:
The hit rate with 360Value prefill for commercial properties has increased to roughly 75 percent, from 66 percent in 2021, according to a recent Verisk analysis.
Replacement costs vary geographically and fluctuate widely over time. 360Value provides dependable, claims-driven, component-based estimates that account for virtually all material and labor required to rebuild. Verisk professionals continually research and validate construction cost data at the local level. These ongoing reviews and analyses ensure that 360Value offers consistently accurate and current replacement cost data.
Calculating the replacement cost of business personal property has often come down to guesswork—until now. Using data collected from business insurance policies and real-world claims, 360Value Commercial Contents employs proprietary computer models to generate a contents estimate based on verified information. Discover how a more accurate contents estimate can improve customer satisfaction and prevent underinsurance.
360Value helps ensure that your building limits are aligned with expected property losses because it uses the same reconstruction cost data as the nation’s number one estimating solution—Xactimate®, a Verisk product.
360Value prefills property-specific information for commercial properties across the United States. When available, prefill speeds up underwriting and quoting by letting users verify property information with customers, rather than having to collect it from scratch.
Reconstruction costs can change over time, and at different rates by geography, down to a very localized level. Each quarter, Verisk’s reconstruction cost data reports provide reconstruction cost trends at the national and state levels.
As a leader in replacement cost estimation for more than 20 years, fueled by a strong connection to claims-based data, Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.
Verisk's Roof Underwriting Report helps provide critical information about roof risk using aerial imagery, artificial intelligence and machine learning.
Total reconstruction costs, including materials and labor, increased 6.8% from January 2022 to January 2023, a drop from the last quarter.Read the article
Prefill application details, amplified with analytics, can fuel small commercial underwriting automation by tapping unstructured dataRead the article
Verisk data shows the cost to rebuild a property is still more than 11 percent higher, on average, than it was pre-pandemic.Read the article
Looking for actionable takeaways on trends influencing commercial property insurance? Check out Inside the Data-Verisk Commercial Property for analysis and news developed especially for underwriters and loss control engineers.
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