OREM, Utah and BOSTON-Nov. 10, 2009 – The latest release of 360Value® includes more than three dozen new commercial building use types to provide more options for insurers to calculate replacement-cost estimates. Additionally, 360Value’s commercial module user interface has been streamlined to enhance ease of use. 360Value is a web-based tool developed by ISO subsidiaries Xactware and AIR Worldwide that provides replacement-cost estimates for residential, commercial, and agricultural properties.
360Value’s new commercial building types will enable insurers to quickly select the style that best meets their specific underwriting needs. These include bed and breakfast inns, roadside markets, fire stations, veterinary hospitals, schools, and churches. Additionally, users will find a full range of subcategories or secondary use types within these broad categories. The increased number of options will help insurers generate more reliable replacement-cost estimates for insured commercial structures.
“We are constantly seeking new ways to make our software easier to use and more comprehensive, “said Scott Amussen, assistant vice president at Xactware, who is responsible for 360Value. “This enhancement reduces the amount of time insurers spend creating replacement-cost estimates while, at the same time, increasing estimate reliability by offering them more commercial building types to choose from.”
Using the expanded set of use types in 360Value, insurers are in a better position to quote accurate replacement costs for a wider variety of commercial structures. For instance, if an insurer needed to evaluate a bookstore, he or she could go to the miscellaneous use category in 360Value, select “bookstore” and then fill in specific property details that will produce a highly reliable replacement-cost estimate for the structure.
360Value’s enhanced commercial module includes several ease of use enhancements, including a building use type wizard that enables users to easily select the type of building being analyzed. User’s first select from a list of broad use type categories, then images of the subcategories are displayed for easy selection. Throughout the process, users have access to diagrams and descriptions to help them choose the correct use type.
To further enhance the user experience, the 360Value commercial user interface has been streamlined to make it easier for users to enter data and quickly calculate replacement-cost estimates. It also complements existing functionality that displays use-specific amenities and features.
Replacement-cost estimates in 360Value are highly reliable because they use the same building-cost data that is available in Xactimate® – Xactware’s property loss estimating system. Xactware has analyzed more than 19 million estimates to date, and thousands of new estimates are analyzed each month.
360Value is a web-based reconstruction-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 reconstruction-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value’s estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make reconstruction-cost estimates with limited property information. 360Value includes a unique ability to prefill property-specific information for more than 75 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
ISO, a Verisk Analytics subsidiary, is a leading source of information about risk, providing 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.