Summary: e2Value, a provider of web-based property valuation solutions, is proudly celebrating its 23rd year anniversary and sharing how the company has been able to advance with the evolution of technology since its founding.
e2Value, a provider of web-based property valuation solutions, is celebrating its 23rd year anniversary and sharing how the company has advanced along with the evolution of technology to reduce a final property valuation decision from 90 days to three minutes.
In the ever-evolving domain of property valuation, e2Value has not only embraced technological changes but has, in fact, thrived in this dynamic landscape. The key service of the company is to provide structure data and values for risk advisers and administrators in order to protect a person’s or company’s assets. According to Todd Rissel, Co-Founder and CEO of e2Value, the key reason people work with e2Value is to properly value a home or commercial building while giving insurance providers the ability to determine the correct range of coverages and prices for each location and situation.
Being operational for over 20 years means that e2Value has kept up with the latest developments in technology, an integral part of the industry. Before the internet, the insurance industry as a whole used centralized computing that was linked to near or far-flung terminals, or just used paper. The challenge then was being able to input and extract useful data for timely decisions. Rissel says adequately handling large amounts of data in a timely and effective manner remains a challenge today, but the industry is miles ahead of the year 2000.
“When we founded the company it wasn’t easy to work with large amounts of data, but over the course of 23 years we have been able to show how to reduce the amount of time it takes to price, underwrite, and deliver a final valuation from 90 days to three minutes,” says Rissel. “We love being narrowly focused and independent, giving us the ability and freedom to meet our customers’ needs while focusing on solutions for the companies we work with. This is how we continue to fulfill our original mission as we work with more clients and customers.” These insights, in turn, empower insurers to make highly precise coverage and pricing decisions, ultimately ensuring that clients receive tailored and optimal insurance solutions.
According to Rissel, AI is the next iteration for the insurance industry and how companies will successfully navigate attracting enough capital to grow their businesses. With more severe weather events becoming commonplace all over, many insurance carriers have had trouble being reinsured and accessing capital. The implementation of AI in the industry will enhance the understanding and pricing of risk. The key to successful AI is understanding the current data sets to apply it for better results. With better use of and more data, risks should be more accurately priced, for better results. Better results should attract more, and better priced capital, to then gain more capacity.
