Farmers Insurance, a personal lines P&C insurer in the United States, has chosen Marshall & Swift/Boeckh (MSB), an MDA company, to provide cost information for estimating property claims. The implementation will commence immediately, pioneered by Farmers Specialty, Farmers' auxiliary products subsidiary, according to MSB, which adds that rollout plans include immediate deployment benefiting all of Farmers Specialty's core clients.
"This project signifies a bellwether change in the property insurance market,” says Jonathan Kost, MSB's SVP of claims. “The traditional methodologies are now out of date. The concept of combining state of the art research with intelligent data regardless of format is most decidedly the future.”
Kost says MSB is uniquely qualified to service Farmers because of sophisticated data collection and validation processes. "MSB serves all of the markets requiring cost information in both the public and private sectors, with tens of thousands of users in all sectors managing partial loss estimates nationwide," he says.
MSB says the agreement further solidifies the interaction between claims and underwriting activity within the property insurance space.
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