Jan. 30, 2013
/PRNewswire/ -- Marshall & Swift/Boeckh ("MSB"), the leading worldwide provider of building cost data and estimating technology to the Property Insurance industry, and BuildFax, creators of the Property & Casualty Insurance industry's only national database of building, remodel and repair data, announced today that they are expanding their existing partnership to include advanced analytics and the integration of BuildFax data into MSB's industry-leading homeowners inspection optimization analytic solution, InspectView.
By incorporating BuildFax building permit data into InspectView, MSB has added a unique value layer that will help identify policies for inspections based on recent remodeling and repair events. The new, expanded partnership will allow insurance carrier clients of InspectView to benefit from this valuable dataset and fine-tune their risk management initiatives around field inspections.
"The expanded partnership makes MSB the only provider of an inspection optimization analytic solution with BuildFax building permit data. This further demonstrates MSB's investment in research and our commitment to the industry to deliver analytic solutions developed from truly differentiated datasets," states
, Senior Vice President of Underwriting Solutions of MSB. "The incremental lift provided by the BuildFax permit data will further help our clients reduce their inspection spending and enhance price-to-risk accuracy on policies."
"Our new product offering will increase actionable inspection outcomes on their homeowners renewal book and new business by targeting properties with real changes, thus making a carrier's inspection dollars more effective," states
, CEO of BuildFax.
This latest development supplements a successful collaboration between MSB and BuildFax that began in 2011 when the two organizations joined forces to develop a solution aimed at helping carriers reclaim millions in premium leakage by identifying unreported property changes along with actionable replacement value updates needed to maintain accurate Insurance to Value (ITV).