A claims platform that aggregates and visualises crash data for the auto-insurance industry

Xtract captures crash data at FNOL (First Notice of Loss) - the first report made to insurance provider - and delivers actionable insights to claim handlers enabling swift liability decision, fraud detection and vehicle damage triage.

Value proposition

Xtract helps insurers future-proof their business for the connected car. Xtract’s intellectual property lies in the ability to analyse data from any connected device. Xtract is positioned to be the leader in connected car claims analysis. The Xtract solution provides a range of benefits to different verticals:

• Insurance - Xtract empowers claims handlers by enabling them to: Identify liability, Detect Fraud, Speed up claims processing and automate damage triage.
• Connected Car - Xtract creates new revenue streams for their data-driven partners by enabling after-sales/claims-driven customers to extract more value out of their data.
• Fleet Managers - Xtract protects fleets from fraudulent and contentious claims by providing unbiased, data-driven evidence of the motor incident.

Product

The Xtract360 platform aggregates data from multiple sources including; telematics, weather, mapping, imagery, video, repair parts and other connected car data and then analyses the liability associated with an incident within seconds. Xtract Reconstruct is a module that visually reconstructs a claim within seconds after it occurs. This module ingests telematics data from any source to produce a movie like visual experience that provides a single unified view of an incident. Using this industry leading technology, insurers can streamline and enhance decision making during the claims process. Xtract Investigate is another component of the solution that reconstructs different versions of events for disputed claims to help determine who was at fault.