(Image source: Xtract homepage.)
AXA XL’s (New York) insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the U.S.
“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,” comments Brent Hoffman, Chief Claims Officer, AXA XL. “In partnering with Xtract, we are not only innovating our claims service but also preparing AXA XL for the future shift in mobility.”
AXA’s statement on its relationship with Xtract says the solution captures a digital first notice of loss (FNOL) record of the claim by providing an intuitive mobile user interface. Xtract then aggregates real-time crash data with other relevant data, including vehicle details, repair parts data and, if relevant, third party information to provide a predictive damage triage; enabling fleets and claims handlers to make speedy and accurate decisions. By connecting real-world incident data with mapping software and real-time weather reporting, Xtract delivers visual context to the incident, enabling a swift liability decision.
“We are excited to partner with AXA XL in helping to deliver a vastly improved service to their customers,” comments Michael Flanagan, CEO, Xtract. “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.”
Improving Speed and Accuracy of Claims Handling
AXA XL says the first division of the company to roll out Xtract to its clients is its Environmental Insurance business, which provides environmental service firms, including waste companies, hazardous materials haulers and environmental contractors, with tailored property and casualty insurance coverage.
“Environmental auto claims require a quick response to help protect the environment as well as our clients’ reputation and bottom line,” says Kimberly MacDonald, Head of Environmental Claims, AXA XL. “Xtract will help us improve our speed and accuracy of claims handling which should drive a better claims experience for our clients while also potentially reducing our operational costs. Plus, if vehicles are equipped with telematics devices, we’ll be able to see a real-time reconstruction of the incident immediately after it has occurred to help us begin our claims management process almost instantly. Greater use of telematics that provides objective, scientific information quickly has the potential to dramatically change the claims process.”