360Value Will Help Utica National Underwrite Insurance with Greater Speed and Efficiency
JERSEY CITY, N.J., May 8, 2019 - Verisk (VRSK), a leading data analytics provider, announced that the Utica National Insurance Group has selected 360Value® to estimate replacement costs for commercial property and businessowners policies.
With 360Value, Utica National will be able to make insurance-to-value (ITV) decisions for underwriting and policy renewals with greater speed and precision. 360Value uses the same reconstruction cost data as Xactware®, a Verisk business whose software is used to provide insurance repair estimates for approximately 80 percent of property claims in North America.
"To meet the needs of businesses today, we need a fast and reliable process to estimate replacement costs," said Bill King, senior vice president and chief underwriting officer at Utica National. "360Value provides just that for our agents and underwriters. It`s a unique ITV system that combines site-verified property prefill information with a construction pricing database powered by actual claims data. This lets us provide the responsive customer service that our new and existing policyholders deserve."
With as little as an address, 360Value can prefill site-verified building characteristics and calculate the cost to rebuild a structure. 360Value features area-specific pricing for 468 different regions in the United States and Canada and draws on Xactware`s comprehensive pricing data, which is based on millions of settled property claims and surveys of more than 100,000 contractors, subcontractors, suppliers, and other industry professionals.
"Reconstruction costs can vary significantly based on geography, making it difficult to provide quick and accurate underwriting decisions," said Andrew Fellowes, vice president of property product management at Verisk. "With 360Value, Utica National will have access to Verisk`s robust data before quoting a policy, helping ensure that the right amount of coverage is offered and that it`s priced commensurate with the risk. Utica will also be able to align its underwriting with Xactware`s repair estimates, enabling enhanced speed and service across the policy life cycle."
About the Utica National Insurance Group
Utica National is headquartered in New Hartford, New York. The principal company of the Utica National Insurance Group, Utica Mutual Insurance Company, was founded in 1914. Utica National is an award-winning, nationally recognized insurance group providing personal and commercial insurance products and services. It employs over 1,200 people countrywide and sells its products through more than 2,200 independent insurance agents around the country. Together with its agents, Utica National is committed to providing their mutual policyholders with valuable services and products to help them feel secure, appreciated, and respected. For more information, please visit www.uticanational.com.
Verisk (VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor`s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World`s Best Employers list. For more information, please visit www.verisk.com.
Edelman (for Verisk)
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Source: Verisk Analytics Inc. via GlobeNewswire