Verisk Insurance Solutions, a unit of Verisk Analytics announces the integration of commercial property characteristics into its 360Value product, a replacement cost estimator for residential, commercial, and agricultural properties. After entering an address, insurers can prefill actual building characteristics into the appropriate 360Value field to help streamline the replacement cost estimation process.
360Value commercial property prefill is powered by Verisk’s ProMetrix, a database of site-verified building information for approximately 3.4 million commercial structures in theUnited States. As many as 11 commercial building characteristics can be prefilled in 360Value to initiate the replacement cost estimation process. These include data elements such as building use type, square footage, number of stories, and construction method.
“Prefill enhances and speeds up the quoting process,” says Scott Amussen, assistant vice president and 360Value product manager. “Agents can now verify building characteristics with customers rather than collect the information from scratch. This allows more time to accurately capture critical property information, resulting in better replacement cost estimates.”
ProMetrix currently contains records for buildings in 45 states plus theDistrict of Columbia. Each year, approximately 250,000 new records are added to the database based on physical building surveys. Insurers that write more than 87 percent ofU.S.commercial lines property coverage use ProMetrix data.
“Commercial insurers are increasing their reliance on integrated, automated workflows,” says Bill Foster, assistant vice president, Verisk Insurance Solutions, commercial property. “Prefilling ProMetrix data into 360Value streamlines the insurer underwriting process in a way only Verisk can offer.”