The Importance of Accurate Statements of Values (SOV) for Insurance Brokers

An accurate statement of values (SOV) is a vital document for insurance brokers, serving as the foundation for underwriting, risk assessment, and policy pricing. It details the value of insured properties, including buildings, contents, and business interruption coverage. Without an up-to-date SOV, brokers risk underinsurance, inaccurate pricing, and prolonged claims processes.

Precise data is crucial for effective risk management. With a well-maintained SOV, underwriters can accurately assess the total exposure of an insured entity, ensuring that clients receive appropriate coverage. Accurate data also leads to fair and competitive policy pricing, strengthening the relationship between brokers and clients.

However, maintaining a precise SOV can be challenging due to data discrepancies, manual updates, and incomplete information. These issues can slow down operations and create inefficiencies in the insurance process.

Archipelago helps insurance brokers streamline the SOV process by automating data collection, real-time updates, and AI-driven data validation. This ensures that SOVs remain accurate and up-to-date, improving operational efficiency and client satisfaction.

To learn more about how Archipelago can help you enhance your statement of values management, visit the statement of values blog.