Almost five years ago, Cameron Insurance Companies, headquartered in Cameron, Missouri, began searching the marketplace for a cost estimator that offered a consistent approach to assessing the replacement cost of a home. After months of research, the company narrowed its choices to four vendors. The company ran between 100-150 policies through each vendor’s cost estimator, but only one vendor’s system produced consistent valuations for every risk: Connecticut-based e2Value, Inc. and the system was its Expert Valuation System™.
“We found that e2Value’s Expert Valuation System™ (EVS) gave us the most consistent and accurate results we had seen,” said Richard Kline, Executive Vice President of Cameron Insurance Companies. “And, in comparison to the other vendors tested, we found the EVS system to be intuitive to use and user friendly to navigate.”
Before introducing EVS to the approximately 300 Cameron Insurance agents, Kline indicates that the company had concerns about the roll-out and the impact that a change of this magnitude might present to its agents. For guidance, he contacted another e2Value client to discuss their approach to the changeover, “To our surprise, they told us that because the system was so easy to use, they simply notified their agents by memo – no huge or expensive pre-requisite training, no incremental roll-out process, just a memo! – And their implementation went smoothly.”
In January 2003, Cameron rolled out EVS to its agents. Three months later, during field marketing meetings, Kline and the marketing team gathered firsthand feedback from the agents. “We heard only rave reviews about how intuitive and easy the system was to use. In fact, a few agents said the system was ‘fun’ to use. And today, three years later, our agents are still raving about the EVS system!”
Kline is quick to point out that while usability was important, the implementation costs and requirements to run the new system were also concerns for the company. He states, “We didn’t need to purchase any new hardware, we simply added an icon to our Intranet homepage, which linked to the e2Value website -our agents were able to log onto the EVS system the same day! It was a seamless process. The only time we needed one of our IT people to step in was if someone forgot their password.”
“Another way we saved on technology was that e2Value stores our valuation reports and pictures on its server. There was no need for us to buy new equipment. We are able to download residential estimates from the e2Value website and place them directly into our policy imaging system where our underwriters can view them.”
Today, Kline claims that the company has confidence in its homeowner valuations because of the consistency and accuracy that the e2Value cost estimator system provides. “In fact, our staff actuary particularly likes that the methodology used to determine a home’s value is consistent regardless of where the risk is located,” states Kline, “And this, in turn, has a positive impact on our pricing and ultimately to our bottom-line.”
About e2Value, Inc.
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 firm offers full-featured, knowledge-based Internet applications that enable consistency and standardization of pricing, processes and procedures for insurance, real estate and banking professionals. e2Value provides a tool that tracks through the entire sales to valuation to 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 clients range from the world’s leading insurance companies to one-person insurance agencies, as well as banks, property appraisers and risk managers.
The founders of e2Value, Todd Rissel, Chairman and CEO and George Moore, President and CTO, have career backgrounds in the insurance and construction industries. Their combined experiences and perspectives have helped them to build a valuation system that is unrivaled for accuracy, flexibility of application and revenue generation for its users.
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