Rebuilding Calculator For Transactor Household
Winchester, United Kingdom, May 2008. Transactor Global Solutions Limited (‘TGSL’) has reached agreement with BCIS (The Building Cost Information Service of the Royal Institution of Chartered Surveyors) to provide an integrated rebuilding cost calculator for Transactor users.
BCIS has been providing cost data to surveyors and the construction industry for over 45 years. As one of the commercial divisions of RICS, BCIS are consultants to Government departments on price measurement, benchmarking, etc. The organisation provides knowledge through online services, web services, publications, bulletins, price books, consultancy and research. In the UK, BCIS has been the central repository for rebuilding cost information and house rebuilding cost inflation statistics since 1978.
“The insurance industry and home owners will benefit from BCIS’ new Rebuilding Cost Look-up service, tailored to the needs of the insurance sector,” confirms Mathew Newsome, Consultant, BCIS. The BCIS team is rolling out the new service to the general insurance market throughout 2008.
BCIS has had a relationship with the ABI since 1978 and is recognised as sole authority on rebuild costs in the UK. As there is continued confusion amongst insurance buyers, BCIS is keen to create a workable cost effective solution which becomes an industry standard.”
The new BCIS Rebuilding cost look-up service will allow direct insurers, insurance brokers, mortgage brokers, banks and independent financial advisors to obtain a real-time estimate of a properties rebuilding cost, (in less than 1.5 seconds) via XML messaging, from the following information:
- Address including full post code
- Number of bedrooms
- Number of rooms*
- External ground floor area*
- Property Age - approximated year of original construction
- Type of Property – semi, detached, etc.
- Wall construction – brick, stone or timer*
- Roof construction – Tile, slate, thatch or flat*
- Number of floors*
- Number of garage spaces*
- Number of bathrooms*
* Optional
“The great thing about Transactor is that all the data capture fields above, including the optional ones, are available as standard in our OMR household quotation solution, so integrating this service has been straightforward,” confirms Joe Gardner, Divisional Director, Technical Underwriting, TGSL. “We see this service as giving underwriters confidence to provide a sharper rate to TGSL users, and because most people overestimate their rebuilding costs, getting it right will have the effect of generally reducing household premiums for TGSL users too.”
For further information please contact tony.withers@transactorgsl.com
OR
Please visit www.bcis.co.uk
