April 19, 2017 by Canadian Underwriter
Opta Information Intelligence has announced the expansion of its suite of services to the Canadian property and casualty (P&C) insurance industry with the launch of iClarify Farm Solution.
Markham, Ont.-headquartered Opta, creator of iClarify and Peril Score analytic solutions, announced the expansion earlier this week. The latest innovation was designed in partnership with Reeds Construction to provide customers with the ability to quickly generate a functional replacement cost on multiple farm structures at point of sale, Opta explained in a press release.
The company described iClarify Farm Solution as the “only solution available via web portal” and can be directly integrated into internal systems, providing access to an unprecedented level of farm property data, all accessed within seconds. Brokers, underwriters and insurers will have access to geo-coded farm data, satellite imagery, predefined structure types with default material/additives, accurate replacement costs and a measuring tool that calculates the square footage and distance between structures, Opta explained. Customers will be able to generate a combined replacement cost for all farm structures including the residential property on a given parcel of land with the ability to populate all data and imagery into a sophisticated, professional report.
The iClarify Farm Solution reflects “geographically relevant farm structure intelligence and replacement costs based on 74 locations across Canada and is updated on a quarterly basis to deliver the most accurate and up-to-date farm valuation on the market,” the release said.
Opta total loss findings show a minimal variance between contractor estimate and iClarify Farm valuations, with an average variance of 4%. All results are well within the industry benchmark of +/-15%.
“We are committed to providing our customers with innovative solutions that streamline their workflow, increase the accuracy of their submissions, and offer significant time savings at point of sale and we’re very excited to offer a farm valuation solution through iClarify,” said Greg McCutcheon, president of Opta, in the release.
The iClarify Farm Solution is available immediately. For more information or to book a demo, visit www.optaintel.ca.