Northeast US insurers Preferred Mutual and Hingham Mutual have integrated ISO HomeValue into their underwriting process in a bid to improve decision making and workflow.
ISO HomeValue is a web-based residential property replacement cost estimator that is designed to help companies estimate the cost of re-building a property in the event of a total loss.
We chose ISO HomeValue because our agents literally asked for it, claims Ron Martin, assistant vice president of personal lines underwriting at New Berlin, NY-based Preferred Mutual. The key attributes highlighted by the agents include ease of use, accuracy, and the ability to streamline their workflow.
The system’s pre-fill capability, which automatically populates a new record with details about a property upon entry of an address, is provided by an underlying ISO PushPin database of detailed property features, including square footage, construction type, year built, roof type, and other relevant building characteristics for more than 70 million residential properties in the US.
Since agents will have information about the specific property before speaking with the homeowner, they will be able to spend more time with their customers to collect the finer details of the home, rather than just the basics. Our agents will be able to provide a higher level of customer service, while ensuring our underwriting is based on objective and reliable replacement cost estimates, concluded Martin.