Insurance & Technology News
Xactware and AER collaborate to introduce AER Benchmark for XactAnalysis
Feb 18, 2013 (Datamonitor via COMTEX) --
Xactware, a provider of technology to the property insurance, remodeling, and restoration industries, and Atmospheric and Environmental Research, or AER, a provider of weather risk management solutions, have teamed to introduce AER Benchmark for XactAnalysis, an address-specific hail and lightning history database. Both Xactware and AER are members of the Verisk Analytics Family of Companies.
"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've 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 reportedly 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 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 company said.
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UPDATED 6:53 AM EST - Mar 11, 2014
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