AXA UK to use Verisk’s live video app for commercial property claims
AXA UK is broadening its use of live video to settle commercial property claims, as the insurer renews its contract with Verisk.
The ClaimXperience app is already being used by AXA’s household customers, who can show escape of water damage in real time to their home insurer. The claims handler can record the video or take stills. They can evaluate the damage immediately and offer a cash settlement. If the policyholder agrees to the amount, the money can reach their bank account within two hours, thanks to a separate payment arrangement.
ClaimXperience is part of Verisk’s Xactware portfolio, which provides a single platform for the validation and settlement of building damage claims. The five-year renewal also includes claims estimation tool Xactimate. Through a phased implementation, AXA’s suppliers will have access to this Software as a Service facility to utilize data on materials and rates. They will also be able to use the ClaimXperience app to upload supporting images and documents. The contract further includes Verisk’s XactAnalysis and XactAnalysis Quality Review tools, which will provide a “rich source of data” that AXA’s claims analytics team can use to drive better decision making.
“As we continue on our journey to modernize our claims function, we are deploying digital technology as a key part of our strategy to achieve that. We are developing machine-learning tools, which will build our level of insight and empower informed decision making. These digital tools will allow our claims colleagues to tangibly help our policyholders; they will make the claims process easier for our customers. Ultimately, our ambition is to be a data-driven organization that is closer to the customer.” – Waseem Malik, Claims Executive Managing Director, AXA Insurance.