FSC Signs Partnership Agreement to Provide MSB's RCT Express™, Interchange™, and GCX Network™ to Its Customers

MILWAUKEE, Jan. 18, 2011 /PRNewswire/ -- Marshall & Swift/Boeckh (MSB), the leading provider of building cost information and services, today announced a new partnership with FSC to provide MSB's Residential Component Technology™ (RCT) Express, Interchange and Grand Central Express (GCX) Network to its customers. This seamless integration of pre-filled property data and standardized RCT calculations into the FSC Rater™ system creates a real-time once and done workflow for agents.

As part of MSB's "ease of doing business" initiative, FSC will offer RCT Express, Interchange and Grand Central Express (GCX) through their rating system. With Interchange, MSB will pre-fill its industry leading insurance ready property data into FSC Rater™. This will reduce time and increase accuracy of the homeowners quoting and policy issuance process. MSB's GCX Network will enable agents to obtain the RCT calculation while at the same time delivering the property profile to participating carriers. GCX creates a true once and done environment by eliminating double entry for the agent.

"After an extensive evaluation process, FSC chose MSB because of their technology leadership in agent workflow and operations, which will ultimately help our agents service their customers through better data and consistent valuations," said Paul Areida, President, FSC. "MSB's RCT Express and Interchange solutions combined with their GCX Network are a powerful combination that will help our customer take their operations to the next level of service."

"MSB continues to look for solutions to solve some of the biggest challenges faced by agents in writing property insurance.  We are constantly looking for ways to support our agents and partners with products that deliver time savings and improved productivity." said Jerry Fox, Vice President of Agency Operations. "Combining our GCX network with the delivery of our Interchange™ pre-fill product to the agents' desktop is a major leap forward for independent agents that service property insurance." Fox adds. "This is a good example of how MSB works directly with our partners to improve the overall policy valuation continuum for their clients."

About MSB's RCT Express, Interchange, and GCX Network

Residential Component Technology™ (RCT) enables you to calculate reliable replacement values for any home. RCT underwriting technology accomplishes this by relying on our proven "total-component" methodology. This method calculates risk-specific reconstruction costs for each home using interior and exterior home characteristics, ensuring each home is properly insured to value.

Interchange is an accurate, address-specific database of scored and scrubbed home characteristic property profiles for over 60 million homes nationwide. The system draws data from multiple sources in the economy including real estate, appraisal, tax assessments and banking record sources. Interchange streamlines new business Replacement Cost (RC) estimating workflows up to 30% by integrating home characteristics information in the point of sale workflow. This converts the RC estimating paradigm from data entry to data validation and reduces premium leakage due to missing or incorrect data entry at policy inception.

Grand Central Express (GCX) Network solution improves data accuracy and consistency through a single data entry process that significantly improves valuation consistency across carriers in the GCX Network allowing carriers to actively compete on rate, coverage, service, and agency relationships. In addition, this network provides better quote volume view for agents at the point of sale, further simplifying and improving their agent workflow.

About MSB

MSB, also known as Marshall & Swift/Boeckh, is the leading supplier of local building cost information, residential and commercial property valuation technology and services for the property and casualty insurance sector of the United States and Canada.  MSB has five offices throughout the U.S. and Canada. 

About FSC

FSC is a full-service provider of rating and automation solutions for the insurance industry. As a leader in rating and insurance technology solutions, FSC provides systems to more than 6,500 customers nationwide including independent agents, brokers, insurance companies and managing general agencies. FSC can be found on the Internet at www.fscsolutions.com.

SOURCE Marshall & Swift/Boeckh