The companies’ new offering, Structure Insurance Score, improves property insurers’ ratemaking and underwriting ability
ARLINGTON, VA, November 8, 2017 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced a strategic alliance with e2Value®, a provider of web-based property valuations and data. The two companies are providing the U.S. property insurance market with a new offering: Structure Insurance Score. The score measures risk inherent to a property insurer based on several unique characteristics of a home or building — ones typically outside traditional rating characteristics. The first generation of the solution can be applied to residential risks. Scores for farm and commercial property risks will be added in the future.
“We’re excited about our alliance with e2Value, which keeps us at the forefront of collecting and analyzing data for insurers, this time for the property line, by strengthening their ability in the ratemaking and underwriting processes,” said Klayton Southwood, director, Property & Casualty practice, Insurance Consulting and Technology, Willis Towers Watson. “We continue to create innovative ways for insurers to more efficiently price their business. Our Structure Insurance Score will utilize our in-house advanced analytics capabilities to benefit all parties in the property insurance chain.”
“It’s truly predictive and will improve the segmentation of their books.”
e2Value will capture the building characteristics that insurers use in the rating of homeowners and dwelling fire policies, ones typically outside traditional rating characteristics, then use these collective characteristics to calculate replacement cost. Willis Towers Watson’s primary function will be to apply its advanced analytics capabilities above and beyond current carrier pricing, to develop the score.
“By using more unique characteristics incorporated into the Structure Insurance Score, property insurers will improve rating beyond what they’re currently doing and add measurable lift above traditional ratemaking models. It’s truly predictive and will improve the segmentation of their books,” said Todd Rissel, chief executive officer, e2Value.
Rissel added that the primary challenge with variable characteristics is finding meaningful and reliable structure data to use without it being provided by a policyholder. “In a world of apps that help with all aspects of our lives, policyholders are moving to providers who offer easy-to-use and focused applications and rates. The Structure Insurance Score is another way to better align rates as well as the quoting and renewal process. From the policyholder to the producer to the carrier, we love working with Willis Towers Watson to help carriers attract and retain clients.”
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
e2Value, Inc. is a full-service application development and SaaS 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. The company provides the best property-based solution for risk management on a web platform while easily integrating with the latest technologies. Our services expedite decision making and information sharing among the sales, underwriting, asset valuation, predictive modeling and claims functions. For more information, visit www.e2value.com.
Josh Wozman: +1 213 337 5735