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iClarify Valuations - Canadian Case Study Winter 2016

iClarify Valuations - Canadian Case Study Winter 2016
03 January 2017

iClarify™ has unique information on over 9.5 million properties across Canada. 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.

The Research

iClarify Residential™ valuations are powered by precise geo-coded property intelligence and 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™. 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 across Canada using 40 losses. As shown, there is very minimal variance between iClarify™ Valuation and Contractor Estimate, with an average variance of -0.17%.

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

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