JERSEY CITY, N.J., March 21, 2016 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, announced today that it has added property-specific data from current claims and underwriting estimates to the 360Value® residential property prefill database. With the additional data sources, insurers can prefill as many as 67 residential building characteristic fields in 360Value. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
Insurers use 360Value to create component-based, cost-to-rebuild estimates for insured structures. To develop the most reliable estimate, actual property information about the building under consideration is required. 360Value property prefill provides this information when available. The database contains approximately 90 million residential structures.
“Our latest enhancement to 360Value will help speed homeowner policy quoting by providing an even greater amount of property information to start the replacement cost estimating process,” said Scott Amussen, vice president of Verisk Insurance Solutions, responsible for 360Value. “The upgrade will also enhance insurers’ efforts to validate information from homeowners or agents.”
The new source of 360Value residential prefill includes information concerning existing claims and underwriting data provided by the millions of replacement cost and claims loss estimates processed by 360Value and Xactimate®, Xactware’s claims loss estimation solution. Other data sources include ISO PushPin™, a database of insurance-ready public records data, and advanced analytics derived from terrain and road network data collected by Verisk Insurance Solutions. Information is available for many types of single and multifamily residential properties, such as condos, high-value homes, mobile homes, and manufactured homes.
Property prefill for the 360Value commercial module also draws from multiple sources. These include ProMetrix®—Verisk’s proprietary database of more than 3.7 million site-verified commercial properties—and other third-party resources.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.