Verisk Unit Unveils 360Value System For Homeowner Insurers
Zacks Investment Research | Aug 10, 2016 08:48AM ET
Verisk Insurance Solutions, a unit of business service provider Verisk Analytics, Inc. (NASDAQ:VRSK) , recently unveiled its 360Value Renewal Insight system to enable homeowner’s insurers get insurance to value (ITV (LON:ITV)) till the policy period expires.
This system utilizes the data from the company’s Property InSight (aerial imagery-based data packages with location-specific details) to help calculate the present replacement estimates while renewing the policies.
Per an industry study by Verisk, the possibility of an insurer’s book of business to be underinsured is high, which can be avoided if the property information is updated with accurate details. It is a challenge to keep updating the changing costs related to a property, whereas it is also not possible for homeowners to continuously report property improvements. In such situations, the 360Value Renewal Insight will provide updated data during the renewal process.
This highly advanced system will help provide accurate ITV over the life of the policy, which in turn will be profitable for insurers as well as policyholders. This system will augment the company’s top line as more and more customers are likely to opt for this cost-saving hassle-free solution. Thus, this service will boost the company’s client base, giving it an edge over its peers.
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