some of the commercially available tax assessor data that is outdated. Everyone knows that the tax assessor is not out every year in all communities and in some areas the data is of better quality than others. So he will be establishing that periodicity that you want to go back to properties. Some companies are looking at 3 years on the residential side and for your larger value commercial risk you want to visit more frequently.
TINNIRELLO: Barry, from your perspective on the spatial data collection methods and processes, what do you believe would be the normal time for maintaining the data, updating it or keeping it tuned in to some of the changes that Glen just described? If we’re an improvement society how does that play into your view of maintaining this data?
RABKIN: I think that plays into which spatial information management firms do I need? Which information firms do I need and how frequently do they collect the data as a matter of course? Do I need it real time; do I need it monthly, do I need it quarterly, do I even need it weekly? And how often do I need it? But it gets back to the application. If I’m doing this for marketing perhaps I don’t need it as frequently as if I’m doing this for rating and underwriting, depending on how the territory has changed. I know I’m not answering your question specifically, but it depends on the application and it depends on the economic situation in the territory, in the geography and in the region. If it’s a high growth territory like Las Vegas was for a while or Phoenix was for a while, then I probably need the data more frequently. If it’s a relatively mature geography where there’s not much happening – either in terms of business development, office parks or residential areas, then I don’t know if I need the data that frequently. Sorry about this but, when I first became a management consultant, a long time ago, my mentor gave me the phrase “it depends” more often and so I eventually stopped asking him questions. But – it depends.
McDONALD: Well, thank you, Barry. Actually we’re just about to wrap up – I’d introduced some of the questions already from our attendees. A quick comment and then a question for Glen. Mike Wise points out that at least one of the names that you put up on your chart is already involved in one of the presentations that we’ll be seeing. So these companies are active, they’re out there and they’re leading to some very interesting results that are making their way to the E-Fusion Award, at least.
Glen, another question from an attendee. Are you saying anything about pricing of what you’re involved in at this point? What are you saying in that regard?
DARASKEVICH: Really the pricing comes down to an individual basis. There are a number of factors that you could consider in terms of number of devices, frequency of use, volume of data, it all could vary from company to company. So that’s really a discussion that we have on a one on one basis.
TINNIRELLO: Again I want to thank Glen and Barry both for their presentations today. Very interesting. Very exciting. Certainly feel free to contact them directly. I think they have their names and addresses on the presentations on our website. The presentation that we heard today was consistent with the messages that we’ve been hearing from carriers that we’ve spoken to over the years. So, I think we’ve really hit the mark in terms of this type of technology and its upside, positive benefits to the insurance industry.
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