360Value® enhance the property valuation system

Xactware and AIR Worldwide jointly launches 360Value®, a web-based replacement-cost estimator for residential properties, commercial properties and agricultural. The software is ideal for insurance agents, underwriters, inspectors, property owners and others to figure out the cost to rebuild properties, make property valuation, improve risk management and enhance business decisions.

360Value® is applied for the following purpose :-

To determine the replacement costs at the time of quoting, underwriting data analysis and management reporting
Rationalize workflow through property prefill
To update estimates for policy renewal
To accomplish periodic assessments of a portfolio to find out policies with obsolete estimates and property information.
Manage catastrophe risk
Enhance the policyholder experience
Consolidate underwriting data

This component based software is liable for all the material and labor components required to reconstruct the structure. 360Value obtains the underlying material and labor cost data, in part, by analyzing more than 3 million damage-repair estimates each year.

360Value connects the underwriting and claims functions to facilitate the insurers to predict the claim loses and speed up the claim process. The adjuster are able to bring the replacement cost up to date and evaluate the property details before a site visit.

Posted by Rajib Dey
Business Development
Global Associates
A pioneer company in construction estimating
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The Cornerstone of Cost Estimate

The cost estimation is the rapidly growing trend in AEC industry. It helps both the contractors and the owners as a proper budget is really very assistive to them. On the basis of the estimated cost a proper bid will be prepared. A good estimate must start with a complete understanding of scope of work followed by an accurate quantity takeoff. In the process of an accurate estimation, the estimator has to do a vast and depth research. It’s very easy to miss out identifying items of work in the project. This may be for some ordinary reasons like missing drawings, details and specifications. Misinterpretation of the scope is another reason for miss out. That’s why besides updated technology, experience in conceptualizing is also very important in this field of cost estimation.

First of all he has to study the floor plan of the construction. After getting the idea clearly it’s the turn to on site field engineering. The estimator has to visit the spot and consult the geotechnical consultant to perform surface investigation to evaluate the land’s ability to provide the foundation of the structure. The estimator then has to make a proper report about all these factors.

Now the estimator has to get a clear idea about the resource of the construction and more importantly its cost which includes material suppliers, labor force, subcontractors, construction equipment, indirect cost, management and many other nitty gritty of the project. The estimator has to team up with comptroller, accountant, field superintend, project manager, purchasing manager to get all the updated data about the project.

After all the field works and reporting it’s the turn to take help of the estimating software. It will help the estimator to get all the relevant output of cost estimating like the cost, schedule and quantity of resources. In this way the estimator has to determine the cost of the project.

Cost Estimator: A Profession to Give Security

Cost estimating is a well formulated prediction of the probable construction cost of a specific building project. In the designing phase of the project, cost estimation is an important management tool for providing information about the facility and the project budget. The conceptual cost estimate is becoming more important to owners, architects, and builders. It is a tool for determining required funding and to gauge the needs of a project.

Licensed professionals known as cost estimators prepare cost estimates. An estimator cannot be trained entirely in a classroom. The theory and science of estimating is important, but it takes experience with construction, as well as experience actually quantifying and costing work, to complete the training of an estimator. A person possessing the “art of estimating” has a good feel for the effort required to produce work, good construction experience, and knowledge of the theory and science of estimating. The less information available about a project, the more experience is required to do a cost estimate. An estimator would typically have an engineering or architectural background and be qualified by experience.

The knowledge of building technology is essential to be able to break down a building into components in a structured way and then price the different components with applicable unit rates to derive the total cost. For state or public funded projects (e.g., public libraries) there will most likely be owner-mandated limits placed on the A/E firm to design within a set budget. A professional construction cost planning and management firm will generally contract to perform a cost estimating function as a consultant throughout the various pre-design and design phases of the project. Frequently, larger architectural and engineering firms will have in-house cost estimating departments. Large construction firms may also have in-house cost estimators. Many planners chose to have two cost estimates as a check against each other, but if a single cost estimate is to be utilized, then the use of an independent cost estimator is highly recommended.