CoreLogic has today launched Cordell Commercial Estimator, an innovative new commercial rebuild estimate calculator to help New Zealand’s financial services, commercial property and insurance sectors create a better customer experience and bind insurance policies quickly, by generating a fact-based estimate in minutes.
Cordell Commercial Estimator is the first tool of its kind available industry-wide in New Zealand to estimate rebuild costs for the majority of commercial buildings.
Simone Moors, CoreLogic’s New Zealand Country Manager, says “We’re genuinely proud of just how much this is going to help our clients, the industries we support and the people and businesses who just want a better way to own and protect their property and assets.
“We saw a need to help people with a better way to do things and have developed a solution that’s faster, easier and more customer-friendly with ultimately reduced risk. The experience for insurers, commercial insurance brokers and their clients will be far superior, saving time, money and effort and ensuring that people have the right level of cover, and that’s important.”
Cordell Commercial Estimator follows in the footsteps of CoreLogic’s residential rebuild estimate calculator, Cordell Sum Sure, which powers home insurance decisions for all of New Zealand’s major insurers. Cordell Commercial Estimator is New Zealand’s market-first commercial property rebuild calculator, providing a rebuild estimate in minutes and at no cost to the end customer. The insurer or broker simply enters property attributes collected from the owner and calculates. This reduces friction in the insurance sales process, speeds up quoting, and creates a superior experience for insurance customers.
Cordell Commercial Estimator also makes renewals much quicker; previous estimates are saved, and at renewal time the insurer or broker simply pulls up the old estimate, updates the information as required and recalculates.
“This is a true solution for insurers and brokers to make sure their customers’ commercial properties are insured for the correct rebuild value. It’s been built specifically for the New Zealand market, with calculations based on local construction costs and building code requirements. It even includes time for planning permission, rebuild cost over time and inflationary costs,” says Ms Moors.
Key features of Cordell Commercial Estimator:
- An easy-to-use calculator for new policies or at policy renewal: simply refresh data to update;
- Generates estimated rebuild values, rebuild times and inflationary provisions for commercial properties;
- Timely, granular rebuild costs through our leading Cordell construction industry data;
- Simplifies the process for customers and can reduce turnaround times and costs;
- Can help with the identification on up-sell and cross-sell opportunities.
An estimate can be generated as part of a PDF report that includes:
- Estimated rebuild cost (including inflationary provision);
- Potential rebuild timescale (can be used to cross-sell business interruption cover);
- Indemnity value (can be used to calculate Fire Service Levy).