Most large insurers consider by-peril rating to be critical to profitability, especially for their homeowners line. Verisk studies show that insurers using by-peril rating plans have increased market share from 28 percent to 34 percent in five years and have loss ratios 6.6 points lower than their competitors (69.8 percent vs. 76.4 percent). Now you can strive to achieve similar or even better results with minimal impact on your underwriting workflow.
The ISO Risk Analyzer® Homeowners Building Characteristics Module is now available in 360Value®. The integration lets you add by-peril rating sophistication to your rating and underwriting with minimal impact on your workflow. For example, when looking at two neighboring properties with the same replacement cost estimate and year built, you’ll be able to see different rate relativities based on how the risk changes by building characteristics in relation to nine major perils.
360Value provides an easy way to get the data necessary to differentiate those properties. Most of the data needed for by-peril rating informed by building characteristics is the same data needed for replacement cost estimates. Furthermore, the vast majority of those characteristics are supported through 360Value Property Prefill, letting you, in some cases, estimate the replacement cost and get highly refined rating information simply by entering an address.
No other company can provide such detailed by-peril rating data in an “out of the box” solution.