Willis Towers Watson, E2Value to Collect Unique Characteristics That Property Insurers Use to Determine Replacement Cost
"We're excited about our alliance with e2Value, which keeps us at the forefront of collecting and analyzing data for insurers, this time for the property line, by strengthening their ability in the ratemaking and underwriting processes," said
e2Value will capture the building characteristics that insurers use in the rating of homeowners and dwelling fire policies, ones typically outside traditional rating characteristics, then use these collective characteristics to calculate replacement cost.
"By using more unique characteristics incorporated into the Structure Insurance Score, property insurers will improve rating beyond what they're currently doing and add measurable lift above traditional ratemaking models. It's truly predictive and will improve the segmentation of their books," said
Rissel added that the primary challenge with variable characteristics is finding meaningful and reliable structure data to use without it being provided by a policyholder. "In a world of apps that help with all aspects of our lives, policyholders are moving to providers who offer easy-to-use and focused applications and rates. The Structure Insurance Score is another way to better align rates as well as the quoting and renewal process. From the policyholder to the producer to the carrier, we love working with
About e2Value
e2Value, Inc. is a full-service application development and SaaS technology provider that offers products to assist with asset valuation. Our tools can be used for collateral asset valuation, risk management and predictive modeling. We offer full-featured, knowledge-based Internet applications that enable consistency and standardization of pricing, processes and procedures for all financial firms. The company provides the best property-based solution for risk management on a web platform while easily integrating with the latest technologies. Our services expedite decision making and information sharing among the sales, underwriting, asset valuation, predictive modeling and claims functions. For more information, visit www.e2value.com.
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