Today many organizations are concerned with how to protect the health and wellbeing of their employees during the COVID-19 pandemic, while remaining active and profitable entities within their industries. It’s a careful balancing act we all must face during these stressful, rapidly-shifting circumstances.
When it comes to property management, the shift presents its own set of challenges. As surreal as it may seem, in some ways, it’s still business as usual. While upcoming deadlines may be delayed, ultimately, your organization will still need to submit a Statement of Values (SOV) for insurance purposes — and the benefits of doing so with accurate, updated data are significant. When you refresh and verify this information, insurers and reinsurers gain confidence in your property program — not to mention, you enjoy more accurate coverage at the best possible rates and up-to-date proof of loss documentation. That’s hard to say “no” to in this financial climate.
So how do you ensure staff and their families remain safe and secure during this challenging, disruptive era, while keeping your property program healthy and viable?
Let AssetWorks Become an Easy, Efficient Extension of Your Organization
At AssetWorks, we have services and software to specifically support your goals during this unfortunate “new normal.” We partner closely with customers to help fill in the gaps for their property program. And it all starts with our expert SOV analysis, virtual valuation services, and our powerful Cloud-based property risk management software, AMP.
Our Trusted SOV Analysis Serves Up Fresh Insights to Address Property Values
Whether your staff is working from home or the office, AssetWorks’ valuation consultants are here to work with you. Our SOV analysis services uncover the anomalies in your property data, from building square footages that are too low or high to the frame types and ISO construction classes that simply don’t match up. Our experts use this information — along with your organization’s appetite for risk — to serve up innovative inspection and valuation strategy options that address 100% of your total insurable values.
You’ll receive the results of the analysis via conference call with your valuation expert, highlighting red flags and discussing key tactics you can use to take your organization’s inspection and valuation to the next level. AssetWorks’ flexible inspection and valuation services range from onsite insurance valuations, virtual valuations and desktop valuations. We also offer invaluable tools like our AMP Valuation Estimator, a custom valuation model developed exclusively for your organization to help you maintain accurate estimates of replacement cost year-after-year. An SOV analysis with AssetWorks helps develop the strategies to mitigate risk.
Leverage Virtual Valuation Services to Reach Your Goals, While Eliminating Risk and Travel Costs
While traditional on-site valuations are curtailed by COVID-19 safety concerns, AssetWorks now offers virtual valuation services, a unique multi-tiered approach designed to intelligently gather the property data you need, no matter where you’re located, from buildings and property-in-the-open to water and wastewater treatment plants.
How is a Virtual Property Valuation Different?
In a virtual valuation, our valuation consultants complete an inspection and valuation service, similar to an on-site valuation, but without the face-to-face contact or the added cost of traveling to your property’s locations. Phone and email communications form the foundation of collaboration in this method, connecting our AssetWorks’ valuation consultants to key points of contact at your organization. What would typically happen in person (like reviewing and verifying property data) happens virtually, taking no extra time from your designated contacts. We then supplement this information with web-based tools, gathering additional data points as needed to fill in the critical gaps. By cutting out the expense associated with travel, a virtual valuation allows the AssetWorks team to execute the service at a lower cost than would be otherwise possible. Upon completion, you’ll receive certified valuation reports in an easy-to-read format. You’ll also receive insurance summary and insurance detail reports to share with your insurance provider.
Manage Your Data Whenever and Wherever with AMP Property Risk Management Software
AssetWorks can help you keep all those property details fresh for the future, too, with our AMP Property Risk Management Software. AMP helps you bridge the gap between valuation results and valuation management. The beauty of AMP is that this Cloud-based, user-friendly, robust system lets you easily see what you have, make updates, make better decisions based on your data — even schedule and facilitate renewal events — and you can do it from any Internet-capable device.
These days, you’re likely to find the AMP Valuation Estimator module we’d mentioned above especially handy. It uses key data points to generate an accurate estimate of insurable value. Some of our users leverage it for their entire property schedule. But some use it for benchmarking only the buildings that have been newly-added, some like it for keeping data updated during years without onsite valuations, and others use it for addressing buildings valued under a certain threshold.
Want to generate canned or custom reports whenever you need them? You have that power with AMP. The connectivity allows users across groups to update data flexibly, while the history tracker helps you maintain accountability. This means that, with a simple member portal, you can choose to empower those who are responsible for property data to update their own SOVs, enhancing your communications, saving you time and converting the responsibility into a more efficient shared effort across designated individuals. You get more knowledge and more action right at your fingertips, whether you’re in the office or working on a laptop at home. It’s a great way of retaining some normalcy and streamlining processes in a way that will continue to add benefits long after this crisis has passed.
We’re Here for You, to Make Challenging Times Simpler
At AssetWorks, we invite you to make our team an extension of your team. For more information, contact Shaun Callahan today at (412) 809-0660 or firstname.lastname@example.org to learn more about how AssetWorks can become an important partner to achieve your property management goals now and tomorrow.
And to learn more about how you can make remote property risk management more streamlined and accurate, click here.