Insurance Services Office, Inc. (ISO) and AIR Worldwide Corporation (AIR) announced the release of ISO HomeValue(TM), a new web-based property replacement valuation system based on the latest component-based technology.
Unlike typical insurance-to-value estimators on the market, ISO HomeValue reportedly has the capability to instantly generate cost values with minimal user input by pre-filling detailed information about most individual properties from an extensive residential property database.
ISO HomeValue offers integrated access to other underwriting information, such as claims/loss histories, catastrophe exposure and public protection classifications, to deliver a tool that insurers can seamlessly integrate into their underwriting workflow.
ISO HomeValue is reportedly easy to use and offers agents and underwriters significant time and cost savings.
By simply entering a street address, the “pre-fill” capability populates ISO HomeValue with detailed property characteristics to provide an initial estimate of the replacement value. As the user adds more information, ISO HomeValue’s estimate becomes more refined. The “pre-fill” information draws upon a highly detailed database of key building features for more than 50 million residential properties in the United States.
“Insurers whose underwriting processes include the ability to calculate property replacement costs quickly and with minimal effort on the part of their staffs gain significant strategic advantage in the marketplace,” said ISO Chairman, President and CEO Frank Coyne. “By combining reliable estimates of replacement cost with other essential underwriting variables, insurers can streamline their workflow and improve their bottom line.”
ISO turned to its subsidiary, AIR, to lead the development of ISO HomeValue. AIR has been a provider in the risk modeling industry for more than 15 years. Building on the extensive property exposure databases and cost models embedded in its catastrophe models, AIR employed a component-based technology to power ISO HomeValue.
ISO HomeValue is available on the Internet or can be hosted on a company’s intranet, allowing underwriters, agents and other users to log in from any location. It allows users to enter addresses individually or via batch interface with their policy administration system.
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