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Best Practices

Best Practices

MSB promotes best practices in property underwriting and claims processes. Our products and services are recognized by the National Association of Insurance Commissioners (NAIC), government regulators, and consumer advocates as integral components of insurers’ best practices strategies for book management. Some of these essential best practices include:

• Obtaining component-based, risk-specific estimates for each property insured, which is accomplished through the use of our Residential and Commercial building valuation systems. MSB’s extensive, proprietary databases, supported by an effective data collection process, contain over 50 million records, each containing a wealth of property characteristic data.
• Archiving information for continuous reference and analysis over time. This is a core capability of all MSB valuation solutions. These extensive data archives are leveraged by MSB’s Claims Analytics and SightLine business intelligence consulting services.
• Confirming information with property owners when policies are first written, which is performed by MSB’s InterVue, InSpect, and InterChange services.
• Ensuring that the valuation program utilized is founded on actual claims experience. MSB’s databases are continually updated with claim information. Additionally, by capturing information about an insurer’s own property claims, our Claims Analytics serviceprovides powerful insight into book of business characteristics, claims handling and management practices.
• Recalculating replacement cost values annually rather than applying inflation indexes. The component-level data captured by MSB’s building valuation products enables insurers to update building values as part of renewal underwriting workflows or on an ad-hoc basis through seamless integration with existing policy administration systems.