PropertyProfileTM, from ISO's sister company Xactware, is a service that helps you determine which properties in your portfolio are at risk for inaccurate rating and underwriting information. Inaccurate information about the homes you insure can pose significant risk. Replacement-cost estimates can change because of property renovations and additions. And fluctuations in costs to repair or rebuild homes add another layer of uncertainty. Also, liability risk can change with the addition of an aggressive dog, new pool, or play structure.
PropertyProfile uses 360Value®, Xactware’s property-valuation tool, and the services of ISO’s sister company Quality Planning (QPC) for customer contact and additional analysis. PropertyProfile captures the property-specific data necessary to update replacement-cost estimates. It also identifies additional information you can use to ensure that liability coverage on the property is appropriate. PropertyProfile helps you better understand the makeup of your book of business and more effectively align the premiums you collect with your actual exposure to loss.
By identifying underinsured properties and unknown liability risks, PropertyProfile can pay for itself with the additional premium dollars you realize.
Here’s how it works
PropertyProfile includes four steps to provide better underwriting and pricing information:
- Detect — The first step uses sophisticated analytics, data matching, and predictive modeling to determine which properties need attention. That includes an initial insurance to value (ITV) assessment for individual properties and data comparisons with public, private, and proprietary databases.
- Confirm — Policies deemed at risk for unreliable property information, inadequate ITV, or dated liability coverage are candidates for the PropertyProfile data-confirmation process. ISO contacts policyholders by mail, e-mail, or phone to validate findings that could affect property ITV and liability risks.
- Revalue — Using the property data gathered during the confirmation process, PropertyProfile calculates replacement-cost estimates for each property using 360Value.
- Correct — PropertyProfile returns updated replacement-cost estimates and all property data collected, including liability risks. Underwriters can then apply designated business rules to ensure the premium you collect is appropriate for the risk of your policies.
Your policyholders confirm all updates to property information — by mail, web, or recorded phone conversation. ISO keeps you informed at all stages of the program, and you have access to letters, web responses, recommended policy changes, and recorded policyholder conversations.
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