Verisk Underwriting Adds to its 360Value Product
The addition of property slope and site access data improves 360Value replacement cost estimates, company says.
INN Breaking News, July 23, 2014
Verisk Insurance Solutions - Underwriting, a unit of Verisk Analytics offering underwriting information about P&C insurance risk, said its 360Value now includes property slope and site access data for residential and commercial properties in the United States. Verisk Climate collects and analyzes the data. 360Value is a Web-based replacement cost estimator for residential, commercial and agricultural properties.
The new data is available in 360Value Property Prefill, which automatically populates building information to generate replacement cost estimates. Property prefill streamlines the replacement cost estimation process and increases the reliability of results. 360Value Property Prefill now includes data on up to 21 residential building characteristics.
Property slope is the angle of the land on which the property sits. Verisk Climate satellite data-based analytics allow resolution when estimating property slope. Site access refers to any impediments that contractors face when reaching a worksite. Verisk Climate technology captures site access using multiple data sources, including road network data that calculates distance and accounts for impediments to easy access.
"The latest enhancement to 360Value Property Prefill is a key advancement in our effort to continually refine replacement cost estimates," said Steve Lekas, VP of property product management for Verisk Underwriting. "360Value has always given users the ability to enter property slope and site access, but the fields are completed for less than 1 percent of all replacement cost estimates. While system assumptions can provide a best guess for those fields, there's no substitute for actual information."
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