Mountain West Farm Bureau Adopts Verisk’s Reliable Reconstruction Cost Estimates to Refine Underwriting

Rhea-AI Summary

Mountain West Farm Bureau Insurance has adopted Verisk's 360Value tool to enhance property reconstruction cost estimates (RCEs) amid rising inflation and supply chain challenges. This partnership aims to provide updated coverage levels for customers, utilizing localized data on material and labor costs

and actual claim experiences. The integration streamlines underwriting processes, ensuring that agents can accurately assess risks associated with residential, commercial, and agricultural properties.

Positive

• Implementation of 360Value tool enhances accuracy in property reconstruction cost estimates.
• Improved underwriting efficiency and time-saving for agents.
• 360Value's continuous real-time data helps address inflation and supply chain delays.

Negative

• None.

Easy-to-use 360Value® tool helps insurers maintain updated building costs and coverage levels in volatile times

JERSEY CITY, N.J., July 27, 2022 (GLOBE NEWSWIRE) -- Mountain West Farm Bureau Insurance Co. is implementing Verisk’s market-leading solution for property reconstruction cost estimates (RCEs), 360Value®, to help provide updated levels of coverage to its customers. The integration of 360Value’s RCEs comes as insurers face inflation, supply chain delays and an increase in custom and luxury home construction – all of which are significantly changing the costs of rebuilding properties.

Verisk’s 360Value uses localized, continually refreshed data on materials and labor costs, supported by actual claim experience, to help insurers provide up-to-date pricing and sufficient coverage amounts.

“Verisk’s solution is critical to help us stay ahead of rapidly fluctuating reconstruction costs,” said Donny Kaneshiro, vice president of operations and underwriting at Mountain West. “The simplicity of 360Value saves our agents time by dependably prefilling more accurate underwriting information when evaluating a risk, whether it’s related to a home, commercial premises or agricultural property.”

“The quality and currency of data matters when our customers and their insureds are contending with supply chain issues, labor shortages and inflation,” said Neil Spector, president of underwriting solutions at Verisk. “We survey thousands of contractors and claim professionals and draw from our deep reservoir of research and real-world claims data to deliver the up-to-date information insurers need.”

Mountain West also gets the benefit of 360Value’s seamless integration capability, which is compatible with the insurer’s current systems and flexible to adapt to future technology platform advancements.

Learn more about 360Value for personal and commercial lines.

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About Mountain West
Mountain West is a multi-line insurance company, serving the needs of individuals, families, and businesses throughout Wyoming and Montana for over 70 years. Our mission is to provide peace of mind for our customers with competitive, quality products and services. For more information, please visit http://www.mwfbi.com. 

FAQ

What is the purpose of the 360Value tool implemented by Mountain West Farm Bureau Insurance?

The 360Value tool is designed to enhance property reconstruction cost estimates, providing updated coverage levels amid inflation and supply chain challenges.

How does the 360Value tool assist insurers like Mountain West?

The 360Value tool uses localized data on materials and labor costs, supporting accurate underwriting and timely updates to coverage amounts.

What challenges are insurers facing that led to the adoption of the 360Value tool?

Insurers are facing challenges such as inflation, supply chain delays, and an increase in custom and luxury home construction, impacting rebuilding costs.

When was the integration of the 360Value tool by Mountain West announced?

The integration was announced on July 27, 2022.

What company provides the 360Value tool?

The 360Value tool is provided by Verisk.

What benefits does the 360Value tool offer to Mountain West Farm Bureau Insurance?

The tool enhances accuracy in estimating reconstruction costs, streamlines the underwriting process, and provides real-time updates to coverage amounts.