AXA XL provides insurance, reinsurance, and risk management products and services for mid-sized companies and large multinationals
AXA XL, a subsidiary of insurance and reinsurance firm AXA, has reached a multi-year partnership and licensing agreement with Xtract, a connected claims platform, to digitise, advance and transform the commercial auto claims management process in the US.
The company is engaged in providing insurance and reinsurance and risk management products and services for mid-sized companies and large multinationals.
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.
“In partnering with Xtract, we are not only innovating our claims service but also preparing AXA XL for the future shift in mobility.”
Environmental Insurance is the first among AXA XL’s business divisions to introduce offering Xtract to its clients.
The business arm offers environmental service firms including companies handling wastes, hazardous materials, haulers and environmental contractors with customised property and casualty insurance coverage, said the company.
Xtract is designed to seize a digital First Notice of Loss (FNOL) record of the claim through an intuitive mobile user interface and aggregates the real-time crash data along with additional relevant data.
The additional data includes vehicle details, repair parts data and, third party information if needed, to offer a predictive damage triage, enabling fleets and claims handlers take rapid and accurate decisions.
Xtract is said to deliver visual context to the incident by connecting real-world incident data with mapping software and real-time weather reporting, to enable a rapid liability decision.
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.”