One of the greatest misfortunes that can befall policyholders is having their home damaged or destroyed. While you cannot measure this kind of hardship solely in dollars, helping policyholders secure the right insurance coverage level can help them weather this significant loss. That’s why, for over two decades, Verisk’s replacement cost estimate solution has been delivering accurate component-based home valuations based on actual claims information. Watch this complimentary webinar to see how to improve your underwriting and provide customers with the right amount of coverage by using replacement cost estimates based on actual claims data.

While reconstruction costs are the foundation for both claim and underwriting valuation, the end-to-end loop of information between property claims and underwriting teams has often been broken. Until now. For the first time, when you send an adjuster on site for a large loss claim, you can help with mid-term risk assessment by getting a fresh in-person look at the property. This incident could be the first time you’ve had eyes-on-site since your underwriting inspection at bind.

Your adjusters can now easily flag notable discrepancies between the property characteristics recorded in the customer’s file and what they are viewing on site to alert underwriting that there might be an impact on the current replacement cost valuation. For example, out on a large loss claim, an adjuster might notice that the square footage may need updating because of a new addition. Or, he or she might see the coverage lists builder-grade finishes, but the kitchen has premium cabinetry, professional-quality appliances, and marble flooring. Our new solution gives the adjuster the ability to easily and speedily note those potential discrepancies and send underwriting a flag in the valuation system. With our industry-first integration, you can leverage Verisk InsurTech to put the power of actionable data in the hands of your claims adjusters.

This type of data integration can be a game-changer for the personal property insurance industry by breaking down traditional underwriting and claims silos. Creating a complete circle of knowledge means connecting data across the policy life cycle. A strong claim-underwriting data connection is a win-win for you and your policyholders. You can help better protect your customers in the event of a total loss, and you can collect premiums appropriate to the risk you’re insuring.

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By: Trish Hopkinson, Product Director, 360Value Personal Lines, Verisk

Trish is product director for 360Value Personal Lines. Trish brings 15 years of 360Value experience to manage the continuous development of both SmartSource and 360Value applications and works with clients to incorporate their needs and feedback into modernized and streamlined workflows. Prior to her current role, Trish worked at Verisk in client services, quality assurance, and project management.