360Value™ Enables Sunshine State to Improve Ease of Doing Business with Agents While Ensuring Reliable Replacement Cost Estimates

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Sunshine State Insurance Company has implemented 360Value™ to estimate replacement costs for residential properties. Developed by a team from ISO subsidiaries Xactware and AIR Worldwide, 360Value is a web-based replacement-cost estimator that provides easy-to-calculate replacement-cost estimates for residential, commercial, and agricultural properties.

Sunshine State Insurance Company has implemented 360Value™ to estimate replacement costs for residential properties. Developed by a team from ISO subsidiaries Xactware and AIR Worldwide, 360Value is a web-based replacement-cost estimator that provides easy-to-calculate replacement-cost estimates for residential, commercial, and agricultural properties. 360Value helps Sunshine State overcome one of the more complex challenges facing property insurers; balancing ease of doing business with agents while keeping strong controls on insurance to value.

"Sunshine State is in the midst of an aggressive growth stage and we needed a solution to support this growth in a strategic way," said Mark Bowsher, vice president for underwriting at Sunshine State.

"360Value will help us in two important ways. First, 360Value will improve the ease by which our independent agents can work with us. Second, 360Value will help us maintain adequate insurance to value for our book of business. This is particularly important for us since we write 100 percent of our business in catastrophe-prone areas."

Sunshine State's direct written premiums increased about 30 percent in 2008 over 2007 and similar growth is planned for 2009. To meet this goal, Sunshine State needs to further enhance the ease with which its 350 independent agents work with its underwriters. 360Value provides Sunshine State an intuitive application that requires minimal training. Sunshine State integrated 360Value so its agents can quickly complete a property valuation in 360Value and have the replacement-cost estimate automatically passed into the policy management system.

To further improve ease of doing business with Sunshine State, its agents have access to ISO PushPin, a database of property-specific information that can prefill as many as 17 building characteristics into 360Value. ISO PushPin improves the efficiency and reliability of the quoting process. The database contains details on more than 75 million residential properties in the United States.

Sunshine State relies on catastrophe models to help manage hurricane risk and make sound reinsurance purchasing decisions. Sunshine State knows the building replacement value is one of the most important factors in reliable catastrophe loss estimation. Sunshine State will use replacement cost estimates calculated by 360Value to improve the exposure data used for catastrophe risk analyses performed using AIR Worldwide's CLASIC/2™, its catastrophe risk modeling system. Property-specific exposure data captured in 360Value can also be passed into CLASIC/2 for detailed catastrophe analyses.

Sunshine State will also use 360Value to conduct a Portfolio ITV Analysis to assess the insurance to value of its in-force book of business. The analysis compares current Coverage A limits on individual properties within Sunshine State's portfolio with replacement-cost estimates from 360Value. In many cases, Sunshine State only needs to provide the property address, as the ISO PushPin database contains the building's characteristics of individual properties.

"360Value was specifically designed to meet challenges like those faced by Sunshine State," said Edmund Webecke, general manager of 360Value. "We are pleased to play an important role in the continued success of Sunshine State and look forward to working with all of our clients to further enhance their underwriting processes."

About 360Value
360Value is a web-based reconstruction-cost estimator developed by a team from ISO subsidiaries Xactware Solutions, and AIR Worldwide (AIR). 360Value is a full-featured solution set that is easy to implement and provides insurers with reconstruction-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value's estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make reconstruction-cost estimates with limited property information. 360Value includes a unique ability to prefill property-specific information for more than 75 million residential structures in the United States. Xactware is the leader in software estimating applications for the property insurance, remodeling, and restoration industries. AIR is the scientific leader and most respected provider of risk modeling software and consulting services. For more information about 360Value, please visit http://www.360-value.com.

About ISO
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit http://www.iso.com.

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Chip Hopper
Xactware
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