Verisk Insurance Solutions Introduces 360Value® Renewal Insight™ to Help Homeowners Insurers Achieve Insurance to Value through the Life of the Policy
360Value Renewal Insight uses property data derived from high-quality aerial imagery to estimate replacement costs
JERSEY CITY, N.J., August 9, 2016 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, announced the launch of 360Value® Renewal Insight™ to help homeowners insurers achieve insurance to value (ITV) over the life of a policy. 360Value Renewal Insight uses property data derived from Property InSight™ (aerial imagery–based data packages with location-specific property details) to calculate current replacement cost estimates for policy renewals. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
A recent industry study conducted by Verisk indicates there’s a potential for a substantial percentage of an insurer’s book of business to be underinsured. If property information isn’t current or the latest reconstruction costs aren’t applied at renewal, the gap can widen over time. That can put a homeowner at risk for underinsurance and limits an insurer’s ability to receive premium relative to the risk.
“It can be a challenge for insurers to keep up with ongoing changes in reconstruction costs, and homeowners don’t always remember to report property enhancements,” said Steve Lekas, senior vice president of personal lines underwriting at Verisk Insurance Solutions. “360Value Renewal Insight helps solve this problem by providing highly refined, property-specific replacement cost estimates during the renewal process.”
360Value Renewal Insight combines 360Value replacement cost estimates with precise exterior property details derived from the high-quality aerial imagery available through Property InSight. In addition to updated replacement cost estimates, the tool can pinpoint properties with significant ITV issues. 360Value Renewal Insight also provides exposure data critical for evaluating property risk, such as the presence of a pool or trampoline.
“Maintaining accurate ITV over the life of the policy is a win-win for both insurers and their policyholders,” said Lekas. “Insurers will receive the appropriate premium for the risk, and policyholders get better protection in the event of a total loss.”
The data package provided by 360Value Renewal Insight relies on a number of cutting-edge geospatial and remote sensing technologies that can enhance valuations and risk assessments while minimizing the need for on-site visits.
For more information, please visit www.verisk.com/renewalinsight.
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 unique data assets and deep domain expertise to provide innovative solutions that are integrated into customer workflows, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. Around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.
SOURCE: Verisk Insurance Solutions