Full MS/B Valuation Capability Soon Available in Compu-Quote Raters
Toronto, Ontario – October 19, 2005 – Today at the IBAO Annual Conference Marshall & Swift / Boeckh (MS/B) and Compu-Quote, Inc announce a joint initiative. Compu-Quote’s RCT EvaluRater will be enhanced to enable full functionality of MS/B’s Residential Component Technology(TM) (RCT) home valuation application. RCT is used by brokers, insurers and inspection firms across Canada as a stand-alone application or when integrated into Compu-Quote’s comparative PropertyRater application and a number of broker management systems. This new initiative will enable users of Compu-Quote’s RCT EvaluRater to handle a wider variety of residential configurations and material selections and will give them greater flexibility and valuation accuracy, especially with respect to the specialized features, new construction materials, and upscale appliances that today’s homeowners are incorporating into their homes in increasing numbers.
According to Peter M. Wells, President of MS/B, “Our long-standing relationship with Compu-Quote is built on our mission to help brokers and insurance-supporting organizations to better underwrite property insurance. Our joint effort to standardize estimating practices within the industry-leading technology will have a great benefit to the industry and the insureds alike.”
Some surveys show that as many as one in four homeowners are now investing in major renovations every year. As John Savage, President of Compu-Quote explains, “This initiative will allow RCT EvaluRater users to easily identify and select the additional residential configurations and bathroom and kitchen options that are becoming a standard of home ownership. The upper valuation limit in RCT EvaluRater will be increased from $450,000 to $750,000 to reflect upscale home renovations, expansions and customizations. In addition, this initiative will enhance workflow streaming while the familiar user interface of RCT EvaluRater will have minimal impact on usability for current users.”
“MS/B validates RCT accuracy on an ongoing basis,” says Klaas Westera, Canadian Business Manager for MS/B. “We achieve accuracy to within 2% of actual reconstruction cost by comparing RCT valuations against over 200 actual Canadian total losses or “platelines,” he explains. “The plateline validations and other industry studies reveal that an estimated 80 percent Canadian residences are undervalued by an average of over 25 percent. By raising the valuation upper limit and expanding the options and material selections available in RCT EvaluRater, MS/B and Compu-Quote allow the industry to address this problem more quickly and accurately.”
RCT is built with “total component” technology that creates a home valuation the way a home is built, from the ground up, based on each home’s unique characteristics. RCT uses material and labour costs researched from over 100 locations and sub-locations across Canada to assure that home valuations reflect local costs and conditions.
Compu-Quote Inc. pioneered the development of comparative rating software and underwriting services for the property and casualty industry in1983. Today, Compu-Quote continues to lead the application advancement and support in this sector throughout Canada. Its family of automated desk top and internet products is fully bilingual and integrated with all major broker management systems, as well as leading company mainframes.
Marshall & Swift / Boeckh (MS/B), an MDA company, is a leading supplier of local building cost information, residential and commercial property valuation technology and services for the property and casualty insurance sector in the United States and Canada. MS/B has five offices throughout Canada and the U.S.
About MacDonald, Dettwiler and Associates Ltd. (MDA)
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance in business and government organizations worldwide.
MDA employs more than 2,500 people in locations across the United States, Europe, and Canada. The company trades on the Toronto Stock Exchange under the symbol TSX:MDA.Tags: Compu-Quote, Marshall & Swift / Boeckh (MSB)