The Solution To ITV

iClarify™ is a unique property insurance validation tool that provides the insurance industry with the knowledge they need to assess risk with confidence. Developed from the largest nationwide repositories of total loss claims from ClaimsPro and inspection data from SCM Risk Management Services (RMS), iClarify™ is the only validation tool that provides instant access to precise geo-coded property intelligence, valuation data, and streetscape imagery. Our valuations are validated by ongoing research that considers and monitors economic factors, industry trends, local restoration costs, residential inspections, and Canadian total loss data. When combined, this information provides tremendous insight used to ensure that our clients receive the most current, local, and accurate valuation costs through iClarify™.

The Research

In support of this validation, Opta conducts several studies throughout the year which include:

• Canadian Total Loss Studies
  iClarify™ valuations are updated quarterly based on research into total loss records nationwide and through other total loss claims across Canada’s regions.
• Canadian Inspection Reports
  New reports from RMS are updated quarterly based on research into total loss records nationwide and through other total loss claims across Canada’s regions.
• Canadian Reconstruction Cost Studies
  Opta conducts three extensive studies each year from 86 cities across Canada which have been identified as ‘Centres of Influence’. Data is collected from 300 licensed contractors and generates over 7750 data points annually that are used to validate the accuracy and regional relevance of iClarify™ replacement costs across Canada. These studies gather local reconstruction cost data on multiple sample homes which vary in size and features. Local taxes, overhead and profit, productivity, debris removal, general conditions and other essential costs are completely and accurately reflected in the local reconstruction values of homes.

As the largest aggregator of property data in Canada, iClarify™ has the power to generate accurate replacement values on ANY residential risk, be it urban, suburban or rural.

A recent total loss study was conducted for rural communities across Canada using 32 losses. As shown, there is very minimal variance between Contractor Estimates and iClarify Valuations. With an average variance of -1.32% throughout Canada. All 32 results are well within the industry benchmark of +/- 15%.

Province	City	Number of Stories	Total Area (sq.ft.)	Contractor Estimate	iClarify Valuation	Variance
AB	Debolt	1	1,600	$434,300	$395,440	-8.95%
AB	Slave Lake	1	1,736	$504,407	$492,416	-2.38%
AB	Drayton	1	1,677	$422,948	$411,653	-2.67%
AB	Lac La Biche	Tri-Level	2,000	$420,000	$459,620	9.43%
AB	Slave Lake	2	2,500	$674,518	$666,125	-1.24%
BC	Vanderhoof	1	760	$131,762	$134,064	1.75%
BC	Peachland	1	1,430	$487,900	$516,688	6%
BC	Enderby	1.5	2,098	$407,609	$417,208	2.35%
BC	Osoyoos	Bi-Level	1,280	$203,136	$199,194	-2%
BC	Salmo	1	1,200	$253,521	$229,776	-9.37%
MB	Narol	1	1,956	$533,414	$579,524	8.64%
MB	Melita	1	1,800	$381,972	$418,806	9.64%
MB	St Clement	Tri-Level	1,400	$345,920	$347,116	0.35%
ON	Rideau Ferry	1	2,657	$634,636	$632,845	-0.28%
ON	Ayr, North Dumfries	1	2,258	$563,699	$538,172	-4.53%
ON	Carleton Place	1	1,152	$199,637	$188,433	-5.61%
ON	Cameron, Kawartha Lakes	1	1,800	$357,676	$357,858	0.05%
ON	Goderich	1.5	976	$218,359	$196,518	-10.00%
ON	Erinsville, Stone Mills	2	1,286	$258,829	$247,735	-4.29%
QC	Pabos (Chandler)	2	1,350	$254,898	$229,136	-10.11%
QC	Newport (Chandler)	1.5	1,650	$334,836	$308,996	-7.72%
QC	Lac Des Ecorces	1	1,040	$235,534	$226,221	-3.95%
QC	Moisie	1	960	$236,667	$220,445	-6.85%
QC	Saint-Leon Le Grand	1	840	$157,482	$152,300	-3.29%
NS	Port Hawkesbury	Tri-Level	1,650	$292,246	$291,639	-0.21%
NB	St-Jean-Baptiste	1	1,062	$202,268	$202,300	0.02%
NL	Southern Bay	1	1,694	$442,407	$404,290	-8.62%
NL	Goos Bay	1	1,500	$457,995	$456,807	-0.26%
NL	Fox Roost	2	2,160	$267,963	$265,140	-1.05%
NL	Lark Harbour	1	980	$219,391	$208,005	-5.19%
NL	Cabonear	2	2,763	$627,098	$672,514	7.24%
NL	Bishops Falls	Tri-Level	2,680	$426,103	$472,162	10.81%
* Based on 2014 study			TOTAL	$11,589,131	$11,539,146	-1.32%

The Results

iClarify™ Total Loss Cost Variance - Rural

	Drayton, Alberta Contractor Estimate: $422,948 iClarify™ Valuation: $411,653
	Enderby, British Columbia Contractor Estimate: $407,609 iClarify™ Valuation: $417,208
	St. Clement, Manitoba Contractor Estimate: $345,920 iClarify™ Valuation: $347,116
	Rideau Ferry, Ontario Contractor Estimate: $634,636 iClarify™ Valuation: $632,845
	Newport (Chandler), Quebec Contractor Estimate: $334,836 iClarify™ Valuation: $308,996
	Bishops Falls, Newfoundland Contractor Estimate: $426,103 iClarify™ Valuation: $472,162

Why do rural homes cost more to construct?

• Local skilled labour tends to be scarcer in rural areas than in urban. Hence, extra costs for travel and accommodation are incurred when pulling in skilled labour from urban centres for rural work.
• Equipment and material are usually not available in rural areas which increases the costs for material delivery and equipment sourcing.
• Access to and around rural sites is usually more difficult and time consuming which further increases the costs of rural construction. Narrow and rough roads, fencing and extensive vegetation all play a part in this increase.
• Productivity at rural construction sites tends to be lower than in urban centres due to delays in material/equipment deliveries and difficulties in coordinating the timing of skilled labour.

These factors all contribute to increased costs of constructing rural homes over those in more urban settings. On a case by case basis, there could be other secondary factors which tend to drive up rural costs even further.

Supported by 90% of Canadian Insurance Companies, iClarify™ is the only desktop solution that lets you validate property data instantly, accurately and efficiently.