Xtract: The Future of Motor Claims
Xtract360 developed an auto claim platform that integrated crash-related data and help with improving the insurance claim process (faster, lower cost, better customer experience, and better risk management).
Xtract360 was founded in 2017 and received pre-seed funding from Zoosh Group in 2017.
Key services are supporting:
- Notice of loss (FNOL)
- Incident profile reconstruction
- Incident investigation
Product: Xtract Reconstruct
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The platform utilises location-based and vehicle-based data to reconstruct incidents, analyses conducted for claims, and estimates costs.
Note:
- FNOL (first notification of loss) is the first step of the insurance claim process.
- TSP (telematics service provider) offers the key information for insurance and fleet management industries.
The information used for identifying incidents include:
- Breaking
- Readings (i.e. speed and vehicle g-forces, of all the vehicles involved)
- Trajectories
Damage triage displays the impacts on vehicles, for example, rear corner impact and front right corner impact; and shows the estimated trade value and retail value.
Information of maps, vehicle trajectories, weather, vehicle damage photos (could be uploaded), dash camera videos, and police reports are also available on the platform.
InsurTech is a post hoc approach that focuses on developing technologies to reconstruct the incident, determine the causes, and support the subrogation. The technologies might have the potential to help with capturing potential risk and optimising the driving behaviour?
