Insurance Technology Industry News

TMCNet:  Xactware and AER to Help the Insurance Industry Validate Weather-Related Claims Quickly

[February 07, 2013]

Xactware and AER to Help the Insurance Industry Validate Weather-Related Claims Quickly

OREM, Utah & LEXINGTON, Mass. --(Business Wire)--

A collaboration announced today uses weather analysis to help property/casualty insurance carriers validate storm damage claims quickly, saving time and improving customer service for policyholders.

Xactware, a leading provider of technology to the property insurance, remodeling, and restoration industries, and Atmospheric and Environmental Research (AER), a leading provider of weather risk management solutions, have teamed to introduce AER Benchmark™ for XactAnalysis®, the most comprehensive address-specific hail and lightning history database available in the industry. Both Xactware and AER are members of the Verisk Analytics Family of Companies (Nasdaq:VRSK).

"On average, nearly 1.5 million property hail claim estimates and nearly 100,000 property lightning claim estimates were processed in XactAnalysis each year over the past three years. Our customers told us how important it is to share natural peril data with their field professionals," said KC Agrelius, vice president of XactAnalysis at Xactware. "Now, with AER Benchmark for XactAnalysis, claims managers can request address-specific hail and lightning reports at the time a new claim assignment is reported to XactAnalysis so that claims teams can quickly validate the date and cause of loss of each claim."

"It's been satisfying to work with industry leaders to improve cycle time and loss adjustment expense for storm-related claims," said Kyle Beatty, senior vice president of Business Solutions at AER. "We'e integrated the AER Benchmark database with the XactAnalysis claims management solution to enable property/casualty carriers using Xactware solutions to leverage the property-specific weather archive."

Using AER Benchmark for XactAnalysis, claims teams can validate claims accuracy and recode date or cause of loss by accessing on-demand hail, wind, and lightning reports from within their XactAnalysis claims workflows. By understanding precisely the potentially damaging weather conditions that occurred at each property address, claims managers and handlers can reduce multiple inspections and also identify potential vandalism or fraud earlier.

The AER Benchmark database is populated by AER Respond™, which provides near-real-time high-resolution data analysis derived from weather radar and other sources to pinpoint locations of damage-producing hail, wind, rain, hurricane, tornado, and wildfire perils.

About Xactware

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 member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information about Xactware's products and services, contact Xactware at 1-800-424-9228 or Xactware.com.

About Atmospheric and Environmental Research

Atmospheric and Environmental Research combines weather data with insurance expertise and market-leading analytics to provide environmental risk management services for the insurance, independent claims adjustment, restoration, and manufacturing industries, helping them decrease weather-related losses and increase profitability by integrating state-of-the-art climate science and weather information into their planning and decision processes. Government agencies such as NOAA, NASA, and the Departments of Defense and Energy rely on AER's scientists to help solve weather- and climate-related problems of national importance in energy, environment, national security, and climate change. Established in 1977 and headquartered in Lexington, Massachusetts, AER is a member of the Verisk Analytics (Nasdaq:VRSK) Family of Companies. www.aer.com.


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