AXA UK is broadening its use of live video to settle commercial property claims, following the renewal of the insurer’s contract with software provider 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. This supports greater transparency and consistency of scope and settlement, as well as a smoother and more efficient process for customers.
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 utilise data on materials and rates. They will also be able to use the ClaimXperience app to upload supporting images and documents.
Lee Nicholls, supply chain manager at AXA Insurance, said: “With our building supply chain using the same tools as us, it will help remove frictional waste in our processes and improve collaboration through transparency.”
The contract further includes Verisk’s XactAnalysis and XactAnalysis Quality Review tools. This will provide a rich source of data that AXA’s claims analytics team can use to drive better decision making, thus improving efficiency and customer outcomes.
Joe Pendle, managing director of Verisk Claims EU, said: “These combined technologies will help AXA eliminate transactional delays in the claims process to deliver a seamless experience for employees, contractors and policyholders alike.”
Waseem Malik, claims executive managing director at AXA Insurance, added: “As we continue on our journey to modernise 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 organisation that is closer to the customer.”