Farmers Insurance Group of Companies has selected 360Value solution from Xactware, to estimate replacement costs for 'Main Street homes' in California.
The 360Value solution developed by Xactware Solutions, a Verisk Analytics company, is a web-based reconstruction cost estimator for residential, commercial, and agricultural properties.
Property insurance professionals use 360Value to create component-based cost-to-rebuild estimates for insured structures, Xactware said.
Farmers Insurance can also enhance customer service by using 360Value Management Reports, a business intelligence application that provides insight into the data and processes associated with property valuation.
According to the Verisk Analytics, the 360Value Management Reports offers users an overview of changes to the underlying labor and materials reconstruction costs used for 360Value replacement-cost estimates, which helps Farmers Insurance if questions are raised about changes in reconstruction cost estimates.
Farmers Insurance vice president of personal insurance and chief underwriting officer Susan Bithell said the analytic capability of 360Value is a powerful tool. The charts used to display labor and materials reconstruction cost changes are easy to understand, and they help to quickly resolve any concerns.