AXA XL partners with Xtract to digitise commercial auto claims
AXA XL's insurance business has entered into a multiyear partnership and licensing agreement with data and analytics platform Xtract to digitise the commercial auto claims management process in the US.
Xtract captures a digital first notice of loss (FNOL) record of the claim through its mobile user interface and then aggregates real-time crash data with vehicle details, repair parts data and other relevant data to provide a predictive damage triage. This enables fleets and claims handlers to make faster and more accurate decisions.
AXA XL’s environmental insurance division was the first to roll out Xtract to its clients, providing environmental service firms, including waste companies, hazardous materials haulers and environmental contractors, with tailored property and casualty insurance coverage.
Brent Hoffman, chief claims officer of AXA XL, 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. In partnering with Xtract, we are not only innovating our claims service but also preparing AXA XL for the future shift in mobility."
Kimberly MacDonald, head of environmental claims, added: "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."
Michael Flanagan, CEO of Xtract, commented: "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."
