Adaptability can be critical for an insurer to maintain a competitive quoting experience, but the best time to implement a new solution may vary from one insurer to the next. The long-term rewards of an upgrade could entail short-term disruptions that depend on how easily the chosen solution integrates with existing workflows.
360Value can integrate into most insurers’ workflows without disturbing existing systems.
These challenges call for a measured approach to change and several questions that insurers may want to consider as they evaluate an online quoting system. These questions may include:
- Can customers access the new solution on any device?
- Does it integrate easily and cost-efficiently into policy management and underwriting systems?
- Does it provide data in a way that best meets business and information technology needs?
- Is the technology current and designed to keep up with future advances?
A tailored solution
When it comes to reliable reconstruction cost estimates (RCEs)—a crucial component of pricing and insurance-to-value—360Value® can help insurers take significant steps toward simplifying workflows and adopting a digital-first mindset. Insurers can access the data how they need it, including flexibility through:
- Web-based application: This standard user interface for 360Value can integrate into a policy management system or operate as an independent website. The level of integration depends on business and IT needs, but regardless, 360Value bases its results on the latest technology and data. Implementation can be simple, and the system provides automatic updates and regular maintenance. The interface is customizable to hide or show selected fields and automatically apply business rules to reduce manual inputs.
- Application programming interface (API): Insurers seeking control over fully automated underwriting can implement 360Value web services integration as a backend for their policy management systems or customer-facing websites. Existing systems can connect seamlessly to request property prefill, deliver agent-gathered property data, and calculate estimated replacement costs as needed in any workflow. Valuation data is used in real time with sub-second response times.
- Integration partners: Partnerships and accelerators can help support easy and seamless workflows using pre-built integrations with multiple policy administration systems. Additional risk discovery can be on tap with just the click of a button.
Keep what works
Verisk can integrate 360Value into most insurers’ workflows to establish web services or data transfer without disturbing existing systems—whether internal or third-party. The long-term relationship is similarly designed to be stress-free with:
- Automated maintenance and user management
- Automatic and configurable functionality updates fully backward-compatible to the existing suite, so insurers expend no IT resources until they’re ready
- Early notice of updates and access to a testing environment for advance review, with options to accept or decline enhancements (except those related to network security)
- An Amazon Web Services (AWS) cloud platform to support new solutions and future growth of data sets for customers while augmenting the value of current products
- Uptime of 99.99% in the past three years
There at the beginning and down the road
Implementing 360Value can help insurers focus improvement where they need it in their workflows without introducing unnecessary disruption. The 360Value client services team is present through launch and beyond, able to help easily integrate into a wide range of underwriting environments at the insurer’s pace. Built-in configurability of workflows, business rule messages, and more means no need for customization.
Verisk has a 20-year track record of implementing 360Value for more than 185 carriers of all sizes, and the tool delivers more than 7 million valuation calculations every month.
