360Value: Breaking new ground, not the systemBy Trish Hopkinson | October 30, 2018
New and updated workflow solutions are great, except when they’re not. No two insurers’ workflows are exactly alike, and when an update is released or a new tool is under consideration, it may be just the right time for one insurer—but not for another. At any given moment, the impact of a change may be seamless or it may be disruptive for day-to-day operations.
Verisk recognizes the unique needs every customer brings to our business relationships. With 360Value®, our industry-leading solution for estimating property replacement costs and maintaining insurance to value (ITV), recognizing each insurer’s requirements includes making sure an update or a new implementation doesn’t upend smoothly running processes.
Insurers pursue trend toward simplification
Increasingly, this is how insurers want to work as part of a wider trend toward simplification behind the scenes and on the front lines. As noted in a recent PwC report, insurers pursuing a “digital first” strategy are gravitating to back-end solutions that work for them right off the shelf, so IT teams can focus on differentiating public-facing customer portals and digital platforms.1
To that end, 360Value integrates into most insurer workflows with virtually no reengineering of existing systems—whether internal or third-party—to establish web services or data transfer. And with a dedicated, multidisciplinary Verisk team servicing every account, implementation is quick and efficient.
In it for the long haul
The same ease carries over to the long-term relationship:
- Maintenance and user management are automated.
- There’s one application programming interface (API) for all 360Value solutions.
- Updates to functionality are always backward-compatible to the existing suite, so insurers expend no IT resources until they’re ready to incorporate them.
- Updates to the 360Value user interface are automatic and configurable.
- Insurers receive early notice of updates and have access to a testing environment; they may review in advance and then accept or decline any change (except those related to network security).
While 360Value is part of the back end, it has a clear impact on the front end. It supports an empowering experience that enables consumers to verify and add detail regarding a home’s location and prefilled property characteristics—all through the insurer’s website or policy system. And the power of 360Value data helps insurers give faster, more accurate quotes at point of sale and renewal, while maintaining ITV that keeps coverage aligned with true replacement costs.
All of this is achievable through a platform that lets insurers get on with their business instead of fixing what isn’t broken. With 360Value, there’s no need to choose between having the best tools and avoiding operational disruptions.
1. PwC, P&C insurance core transformation: Exploring the possibilities, December 2017.
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