Xactware Processes 100-Millionth Estimate
Company has seen significant advances to its claims platform since processing its first estimate in 1996.
LEHI, Utah, November 8, 2018 — Xactware has processed its 100-millionth Xactimate® estimate through the Xactware ecosystem. Xactware is a Verisk (Nasdaq:VRSK) business.
The Xactware claims management system, XactAnalysis®, processed its first claim estimate in 1996. In the 22 years since, the property insurance industry has decreased the average time it takes to resolve a claim by 82 percent.
“This is an important milestone in our journey toward further innovating the claims handling process,” said Xactware President Mike Fulton. “With our emerging InsurTech technologies, we can anticipate the next 100 million estimates will be completed in much less time and will likely be far easier to create. In fact, many of the next 100 million estimates may be built by, or assisted by, Verisk artificial intelligence and automation.”
InsurTech solutions that have been added to Xactware’s claims ecosystem include Image-to-Scope, an assisted-claims technology that uses Geomni imagery and property data to provide a dimensioned exterior plan—plus material and damage identification—that can lead to a suggested scope of repairs for an estimate. In many cases, an estimating professional can use these suggestions to confirm the work or make small edits to complete the estimate. Over the past several months, integrations between Xactimate and other data sets have also deepened, allowing for faster, more automated policyholder interactions, contents estimating, weather analysis, and roof claims handling.
“This milestone is a tribute to the outstanding professionals who use our tools and have been essential to the development of leading technology for the past several decades,” added Fulton. “And we’re now working together on some of the most dramatic and transformative technologies our industry has ever seen. I’m looking forward to the next 100 million estimates.”
Xactware specializes in technologies for the property insurance, remodeling, restoration, and mortgage and lending industries. Xactware’s tools provide claims estimating, contents replacement, claims management, and property maintenance solutions for desktop, mobile, and online platforms. Xactware’s services include repair cost research and reports, aerial imagery, and real-time business intelligence. Xactware has been providing cloud services for customers since 1995. Xactware is a Verisk (Nasdaq:VRSK) business. For more information about Xactware’s solutions, contact Xactware at 1-800-424-9228 or Xactware.com.