FOR COMPANY’S NEW FARM & RANCH PROPERTY VALUATION ESTIMATOR
Stamford, CT, November 2, 2005 . . . e2Value, Inc.®, which recently launched the only estimator solely devoted to farm and ranch structure valuations, announced today the signing of two insurance industry customers to use the new online subscription service. The customers are SECURA Insurance Companies (Appleton, WI) and Pioneer State Mutual Insurance Company (Flint, MI).
e2Value provides insurance, banking and real estate companies nationwide with replacement cost valuations for all properties throughout the United States, with estimators focused on residential, commercial, and farm and ranch structures. The latter two offerings were launched in early 2005.
“These are terrific companies, and we’re pleased to have them join our long list of customers already using our array of valuation services,” said Todd W. Rissel, chairman and CEO of e2Value, Inc. “The challenges of determining true replacement cost valuations of farms and ranches and commercial properties are traditionally more difficult but just as important as for residential properties. These new offerings provide a much-needed standardized, user-friendly, fast and highly accurate approach to two segments of the industry that have been underserved, almost neglected, in terms of valuation technology.”
Mr. Rissel noted that assessing the values of farms and ranches requires great attention to the specialized equipment particular to that property segment, such as corn cribs, silos, slurry tanks, cattle and poultry equipment, generators, scales and more.
According to the nationally-recognized rating agency AM Best, insurers collected more than $2.2 billion in farm multi-peril premiums and more than $31.4 billion in commercial multi-peril premiums in the United States in 2003. “And yet, until e2Value, there has been no one standardized, customizable system for insurers and the banking industry to accurately and quickly determine the individual replacement cost values of these individual properties in a way consistent with today’s technology,” said Mr. Rissel.
“The growing complexities of replacement cost valuations require an increasing dedication to providing exceptional and up-to-the-minute data,” said Mr. Rissel. “Data is readily available, but how to manage that data to provide first-rate property estimates is the true challenge of value estimation. Our technological infrastructure currently handles more than one million valuations annually for our clients, in addition to image, sketch and data storage.”
About e2Value, Inc.
Insurance carriers, agents, brokers and appraisers use e2Value to assess on line the value of properties in any of the 50 states, regardless of that property’s size, age or quality. Within minutes, e2Value users determine property estimates that are based not only on the qualities of the actual property, but also on up-to-date marketplace impacts such as inflation, costs of materials, labor wages and specialized components particular to both industry trends and the geographic area in which the property is based.
e2Value®, Inc. is a full-service application development, insurance consulting, strategic technology partner and provider, offering products to assist with Insurance-To-Value (ITV) and workflow solutions. Founded in 1999 by former insurance executives and based in Stamford, CT, e2Value is the leading hosted application provider delivering replacement cost valuations over the web for all residential, commercial and farm and ranch properties in the United States. The company offers full-featured, knowledge-based Internet applications for insurance, real estate and banking professionals that enable consistency and standardization of pricing, processes and procedures. e2Value provides a tool that tracks through the entire sales -> valuation -> final claim process via an application that maximizes the latest available technology, and provides quick and easy updates without a significant investment in software or infrastructure. Its customers range from the world’s leading insurance companies to one-person insurance agencies, as well as banks, property appraisers and risk managers. For information visit www.e2value.com, or contact sales@e2value.com or 888-371-2788.
NOTE TO JOURNALISTS: To arrange for a trial of e2Value services, contact Jay S. Winuk at 845-277-1160 or jay@winukpr.com to secure a user ID and password.