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RMS unveils new ITV indexing tool, dubbed ‘iClarify’


November 24, 2009   by Canadian Underwriter


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RMS officially unveiled its new insurance-to-value (ITV) indexing technology at the MarS Innovation Centre in Toronto on Nov. 23.
Dubbed ‘iClarify,’ the RMS indexing tool has been developed to help resolve the ITV issue. Currently, Canadian insurance companies and brokers do not have the data elements necessary to generate updated valuations on their in-force policies.
Statistics suggest that 70% of existing policies are underinsured by 33%. In other words, homeowners and commercial policyholders in Canada are underinsured by an estimated Cdn$11 billion.
iClarify is designed to achieve an adequacy rate of between 10-15%. 
“In other words, if a solution can generate values within 10% to 15% of the actual replacement cost of a total loss, that is far better than where we are today,” said Greg McCutcheon, president of SCM Risk Management Services.
SCM Risk Management Services and the Insurance Brokers Association of Ontario formed a partnership in August 2009 to develop and introduce an ITV software solution for Ontario insurance brokers and their clients. The Economical is a funding partner for the RMS indexing tool, a key part in SCM’s software solution.
In the weeks ahead, through iClarify, Ontario brokers will be able to access streetscape photographs, overview satellite images, claims history (from CGI) and neighbourhood profile data of Canadian homes.
Using this data, brokers will be able to validate input from consumers regarding construction type, square footage, year built, interior and exterior finishes, etc.
Brokers will also see a “confidence value” assigned to the replacement cost value indicated for the property. The confidence value is based on how much information is available in aid of valuing the home.
“Collectively, the Compu-Quote, Powersoft and RMS distribution channels will assure that these services can be delivered to all brokers and insurers coast-to-coast, and that the services will be ingrained in existing workflow practices,” McCutcheon said.


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