AXA XL’s insurance business has inked a multiyear partnership and licensing agreement with Xtract to digitise, expedite and transform the commercial auto claims management process in the US.
Xtract is a data aggregation and analytics platform that draws together available claims information, including telematic data, to offer quick and precise decisions to resolve claims.
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This platform is designed capture the digital First Notice of Loss (FNOL) record of the claim by offering an intuitive mobile user interface.
It then combines real-time crash data with other relevant data, including vehicle details, repair parts data, assisting fleets and claims handlers to make speedy and accurate decisions.
If relevant, Xtract will also consider third party information to offer a predictive damage triage.
AXA XL chief claims officer Brent Hoffman said: “Xtract enables our claims team to quickly gather and evaluate all data that is available on an incident, vastly speeding up our decision-making process while also offering superior customer service to our brokers and clients.”
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By GlobalDataThe first AXA XL’s Environmental Insurance unit will first roll out Xtract to its clients. The unit offers customised property and casualty insurance coverage to environmental service firms, including waste companies, hazardous materials haulers and environmental contractors.
Xtract CEO Michael Flanagan said: “We are excited to partner with AXA XL in helping to deliver a vastly improved service to their customers. The vision that AXA XL have shown during our collaboration firmly puts them at the forefront of claims innovation and we look forward to working with the whole AXA XL team over the coming years.”
In March this year, AXA XL launched a new insurance solution to cover the risks associated with autonomous vehicles.
The product was developed to help companies use autonomous technology to manage and transfer new and evolving risks.
