TransUnion Delivers Up-to-Date Property Replacement Cost Estimations with New e2Value Partnership

Rhea-AI Summary

TransUnion and e2Value have partnered to enhance property insurance valuations, addressing underinsurance risks. Their Pronto® solution allows clients to access real-time data on replacement costs, crucial due to ongoing pandemic-related volatility in labor and materials pricing. This collaboration aims to provide carriers with better risk assessment tools for new and existing policies, ultimately protecting consumers from potential underinsurance. The integration leverages TransUnion's existing solutions to deliver comprehensive insights for effective portfolio management.

Positive

• Partnership with e2Value enhances property insurance solutions.
• Real-time data access helps clients manage replacement costs effectively.
• Supports improved risk assessment for carriers on new and existing policies.

Negative

• None.

e2Value’s Pronto® Solution Enables Carrier and Consumer Protection Against Underinsurance Risks

CHICAGO, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Property insurance valuations are a moving target. Internal and external factors remain fluid after initial underwriting, leaving carriers and consumers exposed to risks associated with underinsurance. To better support the insurance industry, TransUnion (NYSE: TRU) and e2Value are partnering to deliver the most up-to-date information, enabling both a seamless quoting experience along with an enhanced ability to identify possible changes in risk to a property post-bind.

TransUnion’s personal property insurance product suite can now be delivered alongside e2Value’s Pronto® solution, giving clients instant access to the most current information about a property’s replacement cost, including fluctuating labor and materials pricing that can occur in the wake of natural disasters and other disruptive trends.

“The pandemic will likely keep reconstruction costs volatile over the next 12 to 18 months, posing a challenge for attaining accurate replacement cost assessments,” said Mark McElroy, executive vice president of TransUnion Insurance Solutions. “TransUnion’s partnership with e2Value allows us to deliver instant, accurate and up-to-date insights on various local market demands that impact replacement costs. This solution allows carriers to better assess risks for new business as well as their existing book, and protect consumers from finding out too late that they are underinsured.”

TransUnion’s existing property insurance solutions allow for prefilled property insurance applications; provide intelligence on occupant risk; and flag risk factors, including changes to occupancy, business on premise and insurable interest. The partnership bundles those solutions with e2Value’s replacement cost capabilities, enabling a comprehensive set of supports for lead aggregators, digital agencies and traditional carriers in delivering instant assessments of new properties and ongoing portfolio management.

“We are extremely proud to have e2Value’s Pronto® solution delivered with TransUnion’s property insurance suite,” says Todd Rissel, CEO of e2Value. “Our product bridges the gap between estimated and actual replacement costs, providing insurers a real-world understanding of their risk exposure and allowing them to have meaningful interactions with their customers to ensure they have the coverage they need.”

More information about these solutions can be found here.

About e2Value 
e2Value, Inc. is a full-service application development and 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.

Founded in 2000 and based in Stamford, Connecticut, e2Value is the leading SaaS provider delivering valuations for residential, commercial, and farm and ranch properties in the United States and Canada. https://e2value.com/

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

Contact	Dave Blumberg TransUnion
E-mail	david.blumberg@transunion.com
Telephone	312-972-6646

FAQ

What is the significance of the partnership between TransUnion and e2Value?

The partnership aims to enhance property insurance valuations and mitigate underinsurance risks by providing real-time data on replacement costs.

How does the Pronto® solution benefit property insurers?

It provides instant access to up-to-date information on replacement costs, enabling better risk assessment for new and existing policies.

What challenges are highlighted in the TransUnion press release regarding insurance?

The press release mentions ongoing volatility in reconstruction costs due to the pandemic, impacting accurate replacement cost assessments.

What is the impact of fluctuating costs on consumers?

Fluctuating labor and material costs may lead to consumers being underinsured if properties are not accurately valued.

How does TransUnion's property insurance suite work with e2Value’s solution?

TransUnion's solutions facilitate prefilled insurance applications and risk intelligence, combined with e2Value's replacement cost capabilities for comprehensive support.