The Bluebook International Inc. announced the availability of InsureBASE(TM), an automated residential property information solution. InsureBASE(TM), leveraging Microsoft technology and developed by The Bluebook International and Basis100, is designed to help insurers identify and mitigate the risks associated with determining and maintaining accurate replacement cost coverage for the millions of residential properties nationwide.
InsureBASE(TM), an enterprise-ready underwriting solution, combines the power of Basis100’s industry-leading automated property valuation technology with Bluebook’s industry-recognized replacement cost database. By simply entering a property’s address and zip code, InsureBASE(TM) will quickly provide replacement costs for residential properties accurate to the city block including current market value, property characteristics and an array of neighborhood and other underwriting information.
InsureBASE(TM) also will be featured May 18 – 21 at the ACORD Technology Conference 2003, and demonstrated with the Bluebook’s claims management solutions in the Microsoft Booth. This new solution also will be acknowledged at an exclusive private event held at the Pleasure Island Resort on May 20, sponsored by Microsoft, The Bluebook & the InsureBASE Basis100 Partnership.
“InsureBASE is a world class solution that could not have been realized before the release of Microsoft’s .Net technology. It’s a real compliment to have our insurance solutions part of Microsoft’s marketing and vision of next generation end-to-end insurance solutions,” said Mark Josipovich, Bluebook’s president & CEO.
Industry estimates indicate that millions of homes in the United States are undervalued for insurance purposes by 25 percent or more. This size of undervaluation causes a significant loss of revenue for insurers and creates a distortion in ratings that can lead to claims settlement difficulties.
“Utilizing Microsoft technology, Bluebook was able to develop a solution that will help close the underinsurance gap and allow insurers to be more competitive by ensuring that premium charges across their portfolio are balanced between actual exposure, required premium and ultimate claims cost,” said Josh Lee, managing director and lead strategist, Microsoft Financial Services.
By identifying and correcting valuation deficiencies, insurers may substantially increase premium revenue and decrease risk. Once revenues are driven by full claims exposure, insurers will have the option of safely lowering rates which may improve their competitive position and, most likely, their market share.
“This is significant in that Risk assessment and claim adjustments can now be driven from a single knowledge base,” said Brian C. Jones, vice president of International Insurance Solutions for Bluebook.
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