Xtract is a connected claims platform bridging the gap between motor insurance and the connected car. The Irish startup captures multiple data sources and data points at FNOL and derives value via data aggregation and visualization techniques. They are just out of stealth mode and are currently conducting pilots across the UK, US and Italy.
They auto populate and automate motor claims at FNOL using data from multiple sources.
Xtract’s connected claims platform empowers insurers and VM’s to extract actionable insights at the point of FNOL, driving a new wave of motor claims management and enabling the delivery of premium services. Xtract takes generic IoT and user input data and uses its proprietary models and algorithms to aggregate and visualize that data for the automation and processing of motor claims.
They are leveraging real-world telematics crash data to create, assess, manage and close-off a claim. The traditional method to analyze telematics crash data is by generating an X, Y, Z axis graph of accelerometer data to determine the impact force and using GPS points to identify the location of the crash. While some claims handlers today are still using pen and paper to sketch out what happened in a crash. Xtract captures heterogeneous data from any telematics device as well as user input crash data to super-impose the vehicle onto a map and recreates the events before, during and after the incident.
Their solution is up for awards in Ireland for the technical development of their software through the support of University of Limericks MACSCI department.
How it works
Xtract capture crash data at the moment of impact from any connected device and it recreates the incident on our platform for the claim handler to then assess. By putting in the registration of the vehicles involved in the incident, the claims handler then auto-populates the platform and we display a vehicle damage triage decision, reserving value of the damaged vehicle and the approximate 3rd party speed information. The handler can then take notes and provide their own context to the crash by interpreting the incident using our mapping, weather and annotation software.
Advantages for insurers:
Xtract empowers claims handlers by enabling them to:
Speed-up claim processing
Automate damage triage
Why we selected Xtract for DIA Amsterdam
Xtract is looking to transform the way motor claims are managed by aggregating real-world crash data into the claims workflow.
Just out of stealth mode they will be presenting at DIA Amsterdam a connected claims platform that will demonstrate the process of capturing, analyzing and closing off a real-motor incident in real-time. Michael Flanagan, CEO of Xtract will showcase the connected claims platform and will demonstrate the process of capturing, analyzing and closing off a real-motor incident in real-time.
Who is Xtract?
Xtract is founded by Michael Flanagan, CEO and Cillian Bourke, COO.
The company was initially funded by seed investment from friends and family and the platform is now production ready and being sold in UK, US and Italy. Xtract has developed strong partnerships with multi-national data providers and integration partners to scale and deliver its solution globally.
” Xtract’s mission is to transform motor claims by aggregating real-world crash data from multiple sources so that insurers and VM’s can extract actionable insights at the point of FNOL, driving a new wave of motor claims management and enabling the delivery of premium services.” Michael Flanagan, CEO & Co-Founder Xtract
Michael Flanagan – CEO/Founder Cillian Bourke – COO/Founder
Presenter 1: Michael Flanagan
Presenter 2: Cillian Bourke
Contact info: Cillian Bourke