Partnership Brings About Improvements
AXA XL recently entered into a multiyear partnership and licensing agreement with Xtract with a goal to transform commercial auto claims management process within the US.
Xtract is a connected claims platform that serves to bridge the gap between motor insurance and the connected car. By partnering with Xtract, AXA XL innovates its claims service improving the speed and accuracy in claims handling. According to the Chief Claims officer at AXA XL, the partnership prepares the insurer for the future shift in mobility. The environmental Insurance business is the first division at AXA XL to introduce Xtract’s data integration and analytics platform.
The infographic above takes a look at how Xtract makes use of telematics and connected data to digitise auto claims.
How does XTRACT digitise auto claims?
The Irish start up focuses on the use of raw telematics data to recreate the events before, during and after an incident facilitating the claims process. The Xtract platform provides an intuitive mobile user interface that captures a digital First Notice of Loss (FNOL) record of the claim and provides value through recognition software, allowing insurers to understand what happened during the crush.
On accident, the claimant fills up the FNOL using their mobile that captures the following details. Time of accident, location, accident details, damage details and car registration details. The policy holder then answers a series of questions to determine who is at fault plus liability. For instance, the policy holders is prompted to provide the incident location details to which a map is displayed. An incident pin is then dragged down to pin the exact location. The claimant fills questions describing the crush impact on the vehicle as well as third party vehicles involved, to determine the extent of the damage.
The FNOL populates the Policy Holders icon (PH) with the information provided that can be replayed to visualize the events that took place. Xtract connects the relevant third-party data to deliver automated vehicle triage. On the damage panel, the platform assesses the severity of damaged parts by incorporating parties like Audatex to convert loss severity of vehicle parts into dollar value. The platform also allows an assessment of weather conditions at the time of the crash. With this information, Xtract platform allows the insurer to determine who is at fault and the value of damages that can be claimed. Michael Flanagan, at DIA Munich 2018 explains the whole process in the following video.
Use of telematics data to create visuals helps enhance efficiency in claims. The Xtract platform provides Insurers with all the information connected in one place driving fast decision making in the claims process.