Automated Program Evaluates, Upgrades Poe Financial Policies

An automated computer program that enables an insurance policy to be evaluated, based on the actual value of a home and to establish adequate insurance-to-value is now being used by Poe Financial Group of Tampa, Fla.

“The 2004 hurricane season confirmed that many insured homeowners did not have enough insurance to cover a catastrophic loss, according to a Poe spokesperson. The expectation is that the storms of 2005 will do the same. It is estimated that three out of every five (59 percent) nationwide homes are underinsured. In fact, a recent survey revealed that the typical homeowner was underinsured by 22 percent.

For several months, Poe has been using Marshall & Swift/Boeckh’s (MS/B) Residential Component Technolog to provide an automated solution for their agency base when establishing adequate insurance-to-value. The process allows Poe to generate renewals with dwelling coverage limits equivalent to the property’s estimated replacement cost.

In early August, Poe rolled out the program for properties in Palm Beach County, Fla. The program’s success has prompted immediate expansion into Broward County.

“MS/B, the industry leader, and its Residential Component Technology, is a reliable forecaster of the replacement cost for our clients’ property,” Brien Burkett, Poe’s ITV program manager said. “The integration of their products with our Insurance to Value program has proven to be a valuable tool for both our agents and policyholders.”

Poe Financial Group’s member companies, Atlantic Preferred Insurance Company, Florida Preferred Property Insurance Company and Southern Family Insurance Company, offer insurance services while specializing in homeowner (including condo-unit owner) and commercial habitational insurance. Poe Financial is one of the largest property insurers in the state of Florida.