OREM, Utah, and BOSTON, Aug. 5, 2008 – ISO’s property-valuation solutions have reached the significant milestone of calculating 20 million replacement-cost estimates. Embedded in the underwriting workflow of many U.S. insurance companies, ISO’s property-valuation solutions are used to calculate tens of thousands of valuations each business day. The companies include four of the top ten homeowners insurers as ranked by A.M. Best.
360Value� is ISO�s next-generation replacement-cost estimator, combining two leading property-valuation applications from ISO: ISO HomeValue� and XactValue®. Drawing upon more than ten years of innovative product development from ISO subsidiaries Xactware and AIR Worldwide, 360Value is a web-based replacement-cost estimator that provides reliable and easy-to-calculate replacement-cost estimates for residential, commercial, and agricultural properties.
“The exceptional growth we’ve seen is indicative of the trust and confidence our customers place in our technology,” said Edmund Webecke, general manager of 360Value. “Processing our 20 millionth valuation is an exciting milestone as we continue to grow and add new features to better serve the needs of our clients.”
Xactware and AIR pioneered several important property-valuation capabilities that are incorporated into 360Value. They include the ability to match front-end valuations with back-end claims, prefilled property-specific information from the ISO PushPin database, and sophisticated modeling algorithms to make reliable replacement-cost estimates based on minimal property data. What�s more, 360Value brings easy access to important, location-specific underwriting information, including probabilistic catastrophe loss estimates, fire protection, crime reports, and premium tax information.
360Value is a true component-based estimating system, using the property-specific data gathered by the insurer to create a virtual model of the structure and develop a stick-by-stick, brick-by-brick estimate to rebuild the property. Replacement-cost estimates in 360Value are based on building-cost research conducted by a team of construction experts who continually monitor trends in pricing, building techniques and codes, new products, labor rate fluctuations, and other cost factors at a highly localized level.
360Value is a web-based replacement-cost estimator developed by a team from ISO subsidiaries Xactware Solutions and AIR Worldwide (AIR). 360Value is a full-featured solution set that is easy to implement and provides insurers with replacement-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make replacement-cost estimates with limited property information. 360Value includes the ability to prefill property-specific information for more than 70 million residential structures in the United States. Xactware is the leader in software estimating applications for the property insurance, remodeling, and restoration industries. AIR is the scientific leader and most respected provider of risk-modeling software and consulting services. For more information about 360Value, please visit www.360-value.com.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.