- AXA UK and Verisk sign five-year renewal for Xactware
claims handling software
- Live video app ClaimXperience, already used by household
customers, will be extended to commercial property customers
- AXA's suppliers will have access to the app and to the
same claims estimation tool as the insurer
LONDON, June 1, 2020 /PRNewswire/ -- AXA UK is broadening its use of live video to
settle commercial property claims, as the insurer renews its
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.
"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." [Lee
Nicholls, Supply Chain Manager, AXA
Insurance]
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.
"These combined technologies will help AXA eliminate
transactional delays in the claims process to deliver a seamless
experience for employees, contractors and policyholders alike."
[Joe Pendle, Managing Director,
Verisk Claims EU]
"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."
[Waseem Malik, Claims Executive
Managing Director, AXA
Insurance]
ABOUT THE AXA GROUP
The AXA Group is a worldwide leader in insurance and asset
management, with 160,000 employees serving 108 million clients in
57 countries. In 2019, IFRS revenues amounted to Euro 103.5 billion and underlying earnings to
Euro 6.5 billion. AXA had
Euro 974 billion in assets under
management as of December 31,
2019.
In the UK & Ireland, AXA
operates through a number of business units including: AXA
Insurance, AXA PPP healthcare and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.
The AXA ordinary share is listed on compartment A of Euronext
Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS
FP – Reuters: AXAF.PA). AXA's American Depository Share is also
quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes,
such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme's
Finance Initiative (UNEP FI) Principles for Sustainable Insurance
and a signatory of the UN Principles for Responsible
Investment.
THIS PRESS RELEASE IS AVAILABLE ON THE AXA UK WEBSITE
axa.co.uk
ABOUT VERISK
Verisk (Nasdaq:VRSK) is a leading data analytics provider
serving customers in insurance, energy and specialized markets, and
financial services. Using advanced technologies to collect and
analyze billions of records, Verisk draws on unique data assets and
deep domain expertise to provide first-to-market innovations that
are integrated into customer workflows. Verisk offers predictive
analytics and decision support solutions to customers in rating,
underwriting, claims, catastrophe and weather risk, global risk
analytics, natural resources intelligence, economic forecasting,
and many other fields. Around the world, Verisk helps customers
protect people, property, and financial assets.
Headquartered in Jersey City,
N.J., Verisk operates in 30 countries and is a member of
Standard & Poor's S&P 500® Index. In 2018, Forbes magazine
named Verisk to its World's Best Employers list. For more
information, please visit www.verisk.com.
THIS PRESS RELEASE IS AVAILABLE ON THE VERISK WEBSITE
verisk.com
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS
CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained herein may be forward-looking
statements including, but not limited to, statements that are
predictions of or indicate future events, trends, plans,
expectations or objectives. Undue reliance should not be placed on
such statements because, by their nature, they are subject to known
and unknown risks and uncertainties and can be affected by other
factors that could cause AXA's actual results to differ materially
from those expressed or implied in such forward looking statements.
Please refer to Part 4 - "Risk Factors and Risk Management" of
AXA's 2018 Registration Document, for a description of certain
important factors, risks and uncertainties that may affect AXA's
business and/or results of operations. AXA undertakes no obligation
to publicly update or revise any of these forward-looking
statements, whether to reflect new information, future events or
circumstances or otherwise, except as required by applicable laws
and regulations.
Corporate Responsibility strategy:
axa.com/en/about-us/strategy-commitments
SRI ratings: axa.com/en/investor/sri-ratings-ethical-indexes
