AXA UK to Use Verisk’s Live Video App for Commercial Property Claims

June 1, 2020 / 4 min read

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. 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

About The AXA Group
The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries. In 2019, IFRS revenues amounted to Euro 103.5 billion and underlying earnings to Euro 6.5 billion. AXA had Euro 974 billion in assets under management as of December 31, 2019.

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

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. For more information, please visit www.axa.co.uk.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

For More Information:

Cecile Brisson
+44(0) 7855 276801
Cecile.Brisson@axa-uk.co.uk

Helen Christopher
+ 44(0) 203 764 0367
HChristopher@verisk.com

Brett Garrison
Edelman (for Verisk)
+1 917-639-4903
Brett.Garrison@edelman.com