OREM, Utah, April 1, 2010 — Xactware recently reached a major milestone as the 20 millionth full-cycle claims estimate was processed via its XactAnalysis® network.
The 20 million claims processed through XactAnalysis have a value of more than $125 billion and include more than 1.7 billion customer-initiated transactions. The XactAnalysis network processed 10 million estimates in a little more than three years — an impressive feat, considering it took 11 years to reach the first 10 million estimates.
“The exponential growth of XactAnalysis validates the strength and capabilities of the Xactware platform,” said Jim Loveland, Xactware’s CEO. “More claims are processed on the XactAnalysis network than all of our competition combined because it produces results.”
Since its inception in 1996, XactAnalysis has streamlined the claims process. With just an Internet connection, the network allows assignment senders such as insurance carriers to track and view all of their claims files from staff, independent adjusters, contractors, and other service providers. Xactware’s secure electronic network empowers users to share important estimate information using the latest and most advanced encryption available. Information is then aggregated in real time for Xactware’s analytical reports, Industry Trend Reports, and pricing data research, providing unparalleled insight. Thanks to its cutting-edge technology, XactAnalysis speeds claim cycle times, increases accuracy, and improves customer satisfaction.
Although it began as a claims-handling network, XactAnalysis is now used to send and receive an expanding range of assignments and data. 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.
Xactware Solutions, Inc. (Xactware) is a wholly owned subsidiary of Verisk Analytics 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.
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