MILWAUKEE, February 2, 2011 /PRNewswire/ --
- This industry-leading partnership will offer the insurance industry a new solution to estimate contents exposure on commercial policies
Marshall & Swift/Boeckh (MSB) announced today that they have partnered with Sequoia Insurance Company to provide the first-of-its-kind commercial contents benchmarking solution. This solution will help insurance carriers collect premiums commensurate to the risk held on the commercial contents, an on-going struggle for carriers and the industry as a whole. This industry-leading benchmark technology will improve the accuracy of writing contents values on commercial policies and it will also drive significant bottom-line improvements to insurance carriers' book of business.
"This industry leading partnership with Sequoia Insurance Company enables insurance companies to measure the risk in order to price commercial policies appropriately. The commercial property insurance industry has historically struggled with determining replacement cost coverage for the contents portion of commercial policies," states Salil Donde, CEO for MSB. "This agreement marks the first partnership of its kind to offer a solution to address this growing industry challenge through innovative technology advancements and detailed business data."
Through this agreement, Sequoia Insurance Company will more accurately measure the risks insured and collect premiums equal to these risks insured, correcting the undervaluation of policies and reducing operating ratios for the carrier. Carriers will eliminate adverse selection, ultimately providing a new source of premium revenue, while offering the most accurate premium quotes for commercial policies. In addition, carriers can more accurately assess which industry segments they are performing well in and which segments need improvement.
"We (Sequoia Insurance Company) identified that we desire to improve our ability to estimate contents exposure on commercial policies, to improve our operational efficiencies and expenses that impact an insurance carrier. With MSB's benchmarking technology, we can now improve policy risk pricing with more accurate data, creating better policy pricing and coverage," comments David Brandeis, Vice President & CIO, Sequoia Insurance Company.
Marshall & Swift / Boeckh (MSB) is the leading supplier of local building cost information as well as residential and commercial property valuation technology and services in the United States and Canada. Services also include MSB's InFocus Analytics, business intelligence, and industry leading "outsourcing" solutions. MSB has five offices throughout the U.S. and Canada.
About Sequoia Insurance Company
Based in Monterey, California, Sequoia Insurance has been serving California agents since 1947. With emphasis in western states, Sequoia holds a license in most of the 50 states to offer insurance as customers of the agencies expand. Sequoia designs commercial lines products for western business operations and provides these through appointed independent agents.
SOURCE Marshall & Swift/Boeckh