Rather than keying in individual property characteristics, underwriters, agents or brokers can enter as little as a street address into HomeValue for a replacement value estimate. They can also link to catastrophe hazard information including risk from flood, brush fire, severe thunderstorms and distance to a coast or fault line.

George Davis, an actuarial consultant with AIR, told National Underwriter the program was developed for underwriters and agents who needed a faster, easier more intuitive method of accessing replacement value information.

"There were concerns that replacement cost estimates were not always accurate," he added. "The key is that AIR built a large database comprising more than 50 million residentual properties."

The database contains an assembly of public information including the year the house was built, the type of construction, the square footage and the exterior surface material, he said.

Underwriters can also access other information through the program including prior claims history, catastrophe exposure and public protection classifications, he noted.

The product is easy to use and offers agents and underwriters significant time and cost savings, AIR said. By entering a street address, the "pre-fill" capability populates ISO HomeValue with detailed property characteristics to provide an initial estimate of the replacement value.

The core of the product is tens of thousands of individual component costs, including costs for materials, labor and equipment, drawn from private and public sources that underwriters and agents generally do not have, AIR said. To provide accurate estimates, AIR said its engineers developed residential structural assemblies that combine components into construction designs and floor plans true to actual construction techniques and practices.

As the user adds more information, ISO HomeValue's estimate becomes more refined.The "pre-filled" information draws upon a highly detailed database of key building features for residential properties.

"Insurers whose underwriting processes include the ability to calculate property replacement costs quickly and with minimal effort on the part of their staffs gain significant strategic advantage in the marketplace," said Frank J. Coyne, Jersey City, N.J.-based ISO chairman, president and chief executive officer in a statement.

ISO HomeValue is available on the Internet or can be hosted on a company's intranet, allowing underwriters, agents and other users to log in from any location. Users can enter addresses individually or via batch interface with their policy administration system, according to AIR.