As claims flow through its full-cycle network, XactAnalysis constantly monitors the data to help catch errors, report on progress, and benchmark performance to reduce claims costs and errors and increase the precision and speed of settlements.
How much could catching errors save you?
A three-year study shows that a company that completes 6,000 estimates could save over $828,000 by correcting errors discovered by XactAnalysis.
“XactAnalysis allowed us to quantify that $35 million of $100 million in deferred payments are never collected. How could we have made a policy decision about deferred payments without this information?"
—Top 10 Insurance Carrier Customer
Fast, effective claims service is the number-one driver of customer satisfaction and policyholder loyalty.
Whether you want to view a single flooring item in a claim that was just uploaded, be instantly informed of any claim over $10,000 in a given region, or if you just want to have the system monitor trends and inform you if price deviations hit 5%, you have all that and more.
Get a better understanding of critical trends that unfolded last year in the U.S., Canadian, and UK property industries. The property reports provide exclusive information on claims trends, examine key construction indicators, and depict rate changes for building repair costs—all summarized in easy-to-read charts.
XactAnalysis is optimized for your mobile web browser to be easy to read, navigate, and operate—no matter your screen size.
Verisk can help streamline an organization's workflow by creating a customized EDI connection with XactAnalysis. The EDI connection enables an insurer to send claims to XML files and allows them to receive a wide range of file types, such as XML, PDF, various image files (e.g., JPEG or PNG), and many more.
XactAnalysis helps you drastically reduce cycle times, saving time and money while increasing customer satisfaction.
XactAnalysis offers you a state-of-the-art Review Queue, allowing automatic management of your QA and re-inspection workflows. You can assign and accept reviews electronically, and you'll end up with the best file documentation you've ever had. Your review teams will have everything they need for a desk audit at their fingertips: digital images, sketched floor plans, and detailed estimate reports.
Bulk assignment import lets you quickly create new assignments in bulk rather than creating assignments one-by-one using Send Work Assignment. Customers can download a .csv template from XactAnalysis and populate it with claims data (up to 500 rows per file)
Proper scoping is essential to a precise estimate. Although every property has the potential for special scoping circumstances, common scoping guidelines often apply to a wide variety of estimates. Xactimate assists both estimators and administrators by electronically auditing every file twice: in the field and in the network.
With Verisk’s audit rules, estimators are informed of potential issues during the initial estimate—the earliest and most effective time to make changes. Electronic audits highlight items, giving the estimator the best overall picture of the claim. Network audits that run on each file also inform QA teams of any issues, allowing them to make the most of their review time.
Verisk’s electronic audits help you quantify learning progress, reinforce consistency, and correct audit issues before the claim is closed!
XactAnalysis Performance Scorecard helps you view performance metrics based on a variety of reporting criteria, such as cycle times, customer satisfaction, estimate quality, among others. The tool then generates an overall rating you can use to determine if teams are meeting company standards and where to make improvements.
The XactAnalysis Network is a secure electronic extranet, allowing all industry players to send, receive, and manage estimate data in real time. The technology supports claims data from different lines including auto, workers comp, contents, and, of course, property.
XactAnalysis employs the latest and most advanced encryption available.
Knowing if the date of loss (DOL) does or does not correspond with a weather event is essentially report information and can provide great value to the insurer. It is estimated that 30% of weather claims are assigned an incorrect DOL. Insurers could adjuster the DOL to get a positive return from the system and therefore receive value from the feature without purchase. XactAnalysis now alerts customers with the feature activated when the DOL matches with the peril type (hail, straight-line wind, and lightning) event from the Benchmark database.
Speed up claims processing by sending assignments, collaborating with policyholders, and collecting claim data directly via the ClaimXperience platform.
XactAnalysis lets you link and manage multiple assignments associated with to a single claim file, giving you an overview of the activities that occur on each of those assignments.
XactAnalysis Insights — a powerful new add-on feature in XactAnalysis — uses AI and machine learning, powered by Vai, to help you search for and discover crucial data patterns you can use to enhance your business and react to the shifting market.
XactAnalysis for Service Providers (SP) allows assignment receivers (such as insurance repair contractors, cleaning specialists, and independent adjusters) to view the same details that assignment senders see — including photos and sketched floor plans.
XactAnalysis Quality Review (QR), an optional module, lets re-inspection teams work without interrupting the standard claims and inspection workflow. Automatically assign re-inspections, document findings, track progress, follow up on recommended actions, and report on discovered trends.
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Order Benchmark wind, hail, and lightning reports directly in XactAnalysis. No need to go anywhere else.
Combine full-cycle claims management with policyholder collaboration for an efficient workflow.
Add start-to-finish comprehensive restoration job management to your claims tools.
Begin your estimate from the desk with tools to gather loss details with robust collaboration capabilities.
Export your XactContents inventories and estimates to your claim file and eliminate duplicate entry.
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