AXA XL has signed a multi-year partnership and licensing agreement with data aggregation platform Xtract to transform its auto claims management process.
By leveraging Xtract, AXA’s claims team will be able to quickly collate and evaluate all data that is available on an incident, accelerating the decision-making process and improving customer experiences.
Xtract captures a digital first notice of loss record of the claim through a range of datapoints, including a smartphone app, telematics, dash camera and more. This real-time crash data is aggregated with other information such as vehicle details, repair parts and more.
With all of this information, claims teams can get an accurate image of the crash to give a better decision.
The first AXA XL division to use the Xtract service will be its Environmental Insurance business, which provides property and casualty insurance to environmental service firms, including waste companies, hazardous materials haulers and environmental contractors.
AXA XL head of environmental claims Kimberly MacDonald said, “Environmental auto claims require a quick response to help protect the environment as well as our clients’ reputation and bottom line.
“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.”
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