From acquisitions and technology to new partnerships, get the latest industry buzz in this update.
Continuity, a provider of regulatory technology and compliance management systems (CMS) for financial services organizations, has acquired Ohio-based TraceRisk, a provider of cloud-based enterprise risk management (ERM) solutions. With technical integration efforts now underway, Continuity becomes the first provider to connect the strategic aspects of enterprise risk management to the tactical oversight of compliance management on a singular, unified platform.
“As the complexity of managing risk and compliance continues to escalate, Continuity’s product suite continues to expand to meet the challenges faced by financial institutions,” stated Michael Nicastro, Continuity’s CEO. Nicastro continued, “Continuity paved the way as a first-mover in the world of automating compliance management, and we intend to build upon that innovation in ways that further enhance the capabilities of risk and compliance officers to confidently execute their roles. As we grow and refine our product set, both organically and through acquisition, we will continue to incorporate technology solutions like TraceRisk to make integrated risk and compliance management achievable and cost-effective for institutions of all sizes.”
CoreLogic, a global property information, analytics, and data-enabled solutions provider, announced the availability of its updated RCT Express reconstruction estimating and risk assessment solution that now includes the ability to provide valuations for large tract homes (LTH). This update gives insurers the ability to better assess and price LTH policies, bringing more powerful coverage adequacy tools to the insurance industry.
“The rising popularity of large tract homes has created new challenges for insurers, who have historically struggled to distinguish these structures from high value homes that have more custom attributes,” said Benjamin Abbott, Product Manager for CoreLogic Insurance Solutions group. “Because of the size of these LTHs, many LTH homeowners policies have valuations more suitable for a custom home.”
“With our latest RCT Express release, CoreLogic is making it possible for insurers to bring new levels of accuracy to their clients’ home property insurance policies, helping insurers continue to build trust and confidence with policyholders.” Abbott added.
RCT Express is a reconstruction estimating and risk assessment solution that offers an unprecedented view of structure risk to support the underwriting workflow in helping insurance carriers extend the right coverage and better protect policyholders.
RES.NET and Xactware have announced an integration between RES.NET and the Xactware RepairWise and XactPRM platforms. The combined solution, tailored for repair and renovation servicers and investors, supports every phase of the renovation process and allows servicers to analyze a wide variety of upgrade scenarios for each property before committing to a course of action.
A large class of buyers are currently demanding an upgraded, aesthetically pleasing, turnkey property. These types of extensive renovations have even become a favorite with investors, with GSEs such as Fannie Mae finding value in the completion of large-scale renovations. By moving a property into a higher condition classification and attracting an expanded pool of buyers, servicers are reducing days on the market and the associated costs.
“Critical milestones have to be accounted for throughout a repair or renovation project,” said Dave Obert, VP of Xactware PropTech Solutions. “The integration between these two solutions will organize, simplify and modernize that process.”
While renovations have proven effective, they are also highly dependent on local factors such as the cost of labor and materials, communication with vendors across the country, and the accurate appraisal of comps, which can vary greatly even within a single city. The integration between Xactware and RES.NET provides a streamlined solution for this phenomenon—from value assessment, cost estimation and bid management, through scope approval, project tracking and performance analysis. The Repair Module now represents 460 regions across the United States and Canada.