Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, announced today that it has added property-specific data from current claims and underwriting estimates to the 360Value® residential property prefill database. With the additional data sources, insurers can prefill as many as 67 residential building characteristic fields in 360Value. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
Insurers use 360Value to create component-based, cost-to-rebuild estimates for insured structures. To develop the most reliable estimate, actual property information about the building under consideration is required. 360Value property prefill provides this information when available. The database contains approximately 90 million residential structures.
The new source of 360Value residential prefill includes information concerning existing claims and underwriting data provided by the millions of replacement cost and claims loss estimates processed by 360Value and Xactimate®, Xactware’s claims loss estimation solution. Other data sources include ISO PushPin™, a database of insurance-ready public records data, and advanced analytics derived from terrain and road network data collected by Verisk Insurance Solutions. Information is available for many types of single and multifamily residential properties, such as condos, high-value homes, mobile homes, and manufactured homes.
Property prefill for the 360Value commercial module also draws from multiple sources. These include ProMetrix®—Verisk’s proprietary database of more than 3.7 million site-verified commercial properties—and other third-party resources.
Source: Verisk Insurance Solutions