Using Verisk’s live video app for property claims

AXA UK and Verisk sign five-year renewal for Xactware claims handling software
Live video app ClaimXperience, already used by household customers, will be extended to commercial property customers
AXA’s suppliers will have access to the app and to the same claims estimation tool as the insurer

AXA UK is broadening its use of live video to settle commercial property claims, as the insurer renews its contract with software provider Verisk.

The ClaimXperience app is already being used by AXA’s household customers, who can show escape of water damage in real time to their home insurer. The claims handler can record the video or take stills. They can evaluate the damage immediately and offer a cash settlement. If the policyholder agrees to the amount, the money can reach their bank account within two hours, thanks to a separate payment arrangement.

ClaimXperience is part of Verisk’s Xactware portfolio, which provides a single platform for the validation and settlement of building damage claims. This supports greater transparency and consistency of scope and settlement, as well as a smoother and more efficient process for customers.

The five-year renewal also includes claims estimation tool Xactimate. Through a phased implementation, AXA’s suppliers will have access to this Software as a Service facility to utilise data on materials and rates. They will also be able to use the ClaimXperience app to upload supporting images and documents.

“With our building supply chain using the same tools as us, it will help remove frictional waste in our processes and improve collaboration through transparency.”

— Lee Nicholls, Supply Chain Manager, AXA Insurance

The contract further includes Verisk’s XactAnalysis and XactAnalysis Quality Review tools. This will provide a rich source of data that AXA’s claims analytics team can use to drive better decision making, thus improving efficiency and customer outcomes.

“These combined technologies will help AXA eliminate transactional delays in the claims process to deliver a seamless experience for employees, contractors and policyholders alike.”

— Joe Pendle, Managing Director, Verisk Claims EU

“As we continue on our journey to modernise our claims function, we are deploying digital technology as a key part of our strategy to achieve that. We are developing machine-learning tools, which will build our level of insight and empower informed decision making. These digital tools will allow our claims colleagues to tangibly help our policyholders; they will make the claims process easier for our customers. Ultimately, our ambition is to be a data-driven organisation that is closer to the customer.”

— Waseem Malik, Claims Executive Managing Director, AXA Insurance

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concerning forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: “Risk Factors and Risk Management” of AXA’s Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA’s business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

AXA UK to use Verisk’s live video app for commercial property claims