Technology is enabling innovation and evolution in the insurance market, pioneering a more accurate and time-effective property valuation process. Incumbent providers who may be hesitant about embracing new software can witness the striking benefits of technology in numerous case studies. This research details significantly lower error rates for valuations of multiple varieties and highlights the potential advantages of switching to newer technologies. e2Value, a SaaS platform offering full-feature asset valuation services, is dominating this movement with its patented knowledge-based valuation system capable of calculating the value of any home or building.
Outdated technologies used to calculate related insurance costs and suitable coverage are slowing the already bureaucratic claims process. These historic problems leave all types of property owners frustrated and confused about what their coverage actually protects. Miscalculations on claims or rebuilding costs increase risk exposure both for asset owners and carriers, signifying a need for a better approach.
In a world where climate events drive policy cost increases and restrict carrier options, the market is in dire need of more accurate tools. Compared to the rate that other industries have modernized with technology, the insurance landscape has remained relatively stagnant due to the complex nuances of quantifying value and risk. Strides in AI adoption have demonstrated the possibility for technology to revolutionize this sector. Small integrations–such as the use of high-tech valuation systems–are gaining traction due to their proven ability to outperform the legacy software of major insurance carriers.
According to 2007 and 2020 claim surveys taken during two intense California wildfire seasons, average insurance policies are deeply flawed. Both surveys were conducted by an independent nonprofit aiming to measure marketplace conditions and highlight claim issues. The data from 2007 was collected over 24 months and revealed that 66% of respondents were underinsured. This gross error caused an average of over $300,000 in uncovered damages from the wildfires. Another survey was completed in 12 months in 2020 when California experienced more deadly wildfires. While the number of underinsured respondents was lower at 42%, the data highlights that policy structuring has historically been flawed.
e2Value, the pioneer of a patented knowledge-based valuation system, has measured ineffective technology’s devastating impact on carriers and policyholders. Internal case studies demonstrate how technology enhances efficiency and accuracy in property valuation. When compared against conventional calculation tools, e2Value’s cutting-edge tools consistently predicted value more accurately than other softwares. e2Value calculated the potential building costs paid by carriers after Hurricane Sandy within 0.6% of actual totals.
Another e2Value study analyzing over 200 large and total claims across the United States highlights technology’s ability to provide more accurate calculations compared to traditional data sets. Despite using similar data sources–public and carrier data–e2Value’s Pronto tool predicted actual paid claims within -1.5% variance. When juxtaposed against carriers’ -45% error rate in actual value, the value of new insurance technology becomes clear.
Since its inception in 2000 by former insurance company executives, e2Value has developed products that address persistently poor data quality and an overreliance on legacy systems. The company’s co-founders, Todd Rissel and George Moore, have extensive experience in property and casualty insurance. Their shared industry knowledge in low-, mid-, and high-value homes has enabled e2Value’s technology to help providers and individuals tap into actionable insights.
With the company’s Expert Valuation System (EVSTM), standardized and consistent calculations become possible. e2Value has over 750,000 users ranging from large insurance companies to single-person insurance agencies. The company is cultivating a tech-led revolution that disrupts the inefficiencies of the modern insurance sector.
e2Value’s commitment to technological innovation isn’t unheard of. A growing number of carriers are embracing technology to improve customer experiences. Consumers are showing a willingness to share extra personal information to access
Increased savings on insurance policies. Amid these shifts, carriers are also exploring how technology can fundamentally transform operations, ushering in more efficiency and lowering risk exposure. In this landscape of rapid change, early movers like e2Value emphasize the critical nature of technology in property valuation.
