Pioneer State Mutual Insurance Company (Flint, Mich.) has implemented 360Value, a replacement-cost estimator developed by ISO (Jersey City) subsidiaries AIR Worldwide and Xactware. According to an ISO source, the building cost data used in 360Value is based in part on actual claims experience, providing Pioneer State with renewed confidence in the reliability of the replacement cost-estimates it uses for underwriting policies.

The ability of the 360Value solution to tie in with claims data was a key factor in Pioneer State's decision to replace its legacy system, according to Jeff Little, the carrier's director of loss control. "We feel replacement-cost estimates used in underwriting that are based on data from actual claims losses are more realistic compared with estimates we've seen in the past," he says. "Our agents have noticed this too, commenting that properties they felt were previously valued too low or too high seem to be more in line with expectations."

360Value uses the same building-cost data available in Xactimate' — Xactware's property loss estimating system, which is used by about 80 percent of repair contractors and service providers, according to the ISO source.

"The building-cost data in 360Value is based on actual reconstruction costs, not new construction costs," says Edmund Webecke, general manager for 360Value. "This is a key advantage, as costs to rebuild properties can differ from new construction. Furthermore, a combination of market surveys and regularly reported claims data from the field ensures our clients are using the most current reconstruction data available. This data is also highly localized and incorporates costs for the latest building materials and techniques."