- 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
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