OREM, UTAH, October 16, 2006 — Xactware announced a major milestone today as the XactNet network processed its 10 millionth full-cycle claims estimate. “XactNet’s phenomenal growth is a measure of the confidence and trust between Xactware and its industry-leading customers,” said Jim Loveland, Xactware’s CEO.
The 10 million estimates processed by XactNet since its inception in 1995 have a total value of more than $81 billion and include over 480 million customer-initiated transactions.
XactNet is used by insurance carriers and other professionals to send requests for estimates and services to adjusters, contractors and service providers. Once a request is received, estimates are returned over the same network. Estimates sent over XactNet can contain line items, photos, notes, audio files and floor plans. XactNet gives insurers the ability to respond in real time to customer losses, to ensure service standards are being met, and to make accurate and fast payments.
“We’re proud to be part of this important process,” said KC Agrelius, XactNet’s General Manager. “In the aftermath of the record-breaking hurricane season of 2005, XactNet processed more than half of all estimates in the devastated area. It was gratifying to see our customers use this important tool to handle an unprecedented level of claims and still provide outstanding service to their policyholders.”
Although XactNet began as a claims-handling network, today XactNet is also used to assign and receive valuation estimates for underwriters and to connect to major national retailers for replacement-cost services.
The reports generated from data flowing through XactNet are critical tools for managers and business executives. Built-in auditing tools and reports help Xactware’s customers catch and correct errors instantly, and true industry data comparisons allow for real-time customer performance benchmarks.
As use of the XactNet network grows, Xactware aggressively adds new features. Some recent additions include enhanced reports, new customization features, advanced mapping capabilities that allow users to drill-down to see the exact location of assignments, and much more.
Xactware Solutions, Inc., (“Xactware”) is a wholly owned subsidiary of ISO specializing in the property insurance, remodeling and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking and data trending in real time.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO’s services help customers protect people, property and financial assets.