Designed to drive more accurate valuations, Coterie’s new replacement cost estimator will leverage transparent model parameters.
SARASOTA, Fla., Aug. 30, 2023 (GLOBE NEWSWIRE) — Confianza Inc. (Confianza), an innovative data solutions company providing instantaneous, comprehensive information via a powerful API and integration platform, is pleased to announce that Coterie Insurance (Coterie) has integrated the company’s Property Replacement Cost Estimator into a new commercial property replacement cost solution.
As part of an initiative to improve the speed and accuracy with which commercial property valuations can be calculated for the company’s nationwide customers, Coterie selected and integrated Confianza’s Property Replacement Cost Estimator to provide quote prefill of digital businessowners’ (BOP) policy applications.
“Confianza’s scores are helping Coterie avoid property under valuations and premium leakage through the use of their transparent model, quarterly rating factor evaluation, and refresh frequency,” said Paul Bessire, chief data offer for Coterie, an insurtech revolutionizing small business insurance by enabling instant coverage.
Current market valuations for commercial properties can be difficult to calculate. Compounding these difficulties are the added factor that different business and property-use types represent widely varying costs of repair, some mandated by local and state governments. The Confianza replacement cost calculation takes all of these (and more) into consideration.
“Traditional factors and historical methods are no longer sufficient to calculate a good representation of replacement costs,” said John Petricelli, chief data officer for Confianza. “Confianza’s highly transparent, flexible model includes several inflation variables, such as supply chain pressures stressing the availability and cost of common materials. The resulting prices have materially affected the efficacy of historical methods.”
Confianza is an innovative data solutions company providing instantaneous, comprehensive information via a powerful API and integration platform, empowering Carriers, MGAs and Brokers with comprehensive data & prescriptive analytics. Based in Florida, with offices in the Atlanta and Washington DC Metros, Confianza serves the needs of insurance & Financial Service professionals throughout the country with a fully integrated database of America of more than 260M individuals, 150M households and 50M businesses encompassing more than 2,300 attributes. Data attributes also cover approximately 200M properties with additional insights about non-human perils, risk and crime. For more information about Confianza visit www.confianzaus.com
About Coterie Insurance (Coterie)
Coterie Insurance is revolutionizing small business insurance by enabling instant coverage. By sourcing publicly available data, Coterie’s technology employs digital underwriting to enable a transparent and accurate quoting and binding process. Coterie arms agents, brokers, and partners with cutting-edge tools to get small businesses the coverage they need. With the most expansive appetite on the market, Coterie is dedicated to seeing the small businesses of today succeed. For more information about Coterie Insurance and the digital transformation of small business insurance, go to https://coterieinsurance.com.
St. Nick Media Services