20 November 2019: Genasys Technologies has entered a commercial agreement with Xtract, whereby Genasys Technologies clients will have access to Xtract’s state-of-the-art connected car incident monitoring and claims analytics platform. Xtract’s solution has been embedded within the Genasys Technologies platform.
Xtract captures generic crash data at FNOL and delivers actionable insights to claims handlers enabling swift liability decisions, fraud deflection and vehicle damage triage. Capturing multiple data sources and data points at FNOL from any telematics device as well as their manual self- serve solution, Xtract provides an animated reconstruction of a vehicle along its journey from pre-impact to post-impact. The reconstruction allows for all parties analysing the claim to swiftly assess what happened digitally, thus improving the whole claims experience for both customers and insurers.
This new partnership will allow Genasys to offer its motor clients out-of-the-box integration with Xtract’s crash data technology platform, enabling faster and more accurate claims handling.
Andre Symes, director at Genasys Technologies UK, says: “We looked at a number of different businesses here in the UK as well as further afield and it became clear pretty quickly that Xtract were way ahead of the rest. They’re quite simply one of the most exciting InsurTech businesses that we have met over the past 18 months.
“Enabling claims handlers to visualise crash data and easily incorporate into their existing claims workflow will revolutionise how motor accident claims are managed and deliver significant benefits to not just insurers when it comes to indemnity spend, but also their customers when it comes to a smoother claims journey. We’re confident that this new capability represents a massive value-add to our proposition to motor insurers and will have a positive impact by bringing best-of-breed connected car technologies to the motor insurance claims process.”
Michael Flanagan, CEO at Xtract, comments: “We are pleased to be partnered with Genasys to enable advanced Connected Car analytics to serve both its UK and South African markets. Together we will allow customers to quickly access the liability associated with incidents, shorten the claims cycle time, improve accuracy and fully leverage the rich connected car data that is now available.”
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Media contact: Lesley Bennett at LMR Communications on +44 (0)7815 778038 l Lesley@lmrcomms.co.uk
About Genasys Technologies
Established over twenty years ago, the Genasys Technologies Software as a Service proposition provides a world-leading, comprehensive insurance management system that can be applied to any insurance business, in any currency, language or destination. Its product range includes SKi® Platform, SKi® Host, 4Web and 4Insure.
Headquartered in Johannesburg, the business employs over 100 people and currently manages gross written premium of over R12 billion. Genasys opened its first international office in London in 2018 and aims to shake up the provision of software solutions to the UK insurance industry. For more information please visit: www.genasystech.co.uk
About Xtract
Xtract provides real-time vehicle crash analytics and visual reconstruction for vehicle claims. We aggregate multiple data sources including; Telematics, Weather, Mapping, Imagery, Repair Parts and other Connected Car data to quickly assess the liability associated with a motor accident. The results are delivered directly into an existing claims business process. The underlying algorithms provide an immediate predictive assessment of the severity of a crash, a damage triage, and an at-fault indication to enable a Claims Handler, Adjuster or other stakeholder to make an accurate decision quickly. With this SaaS solution, incidents can be intercepted very quickly and acted upon in order to manage Liability exposure more effectively.
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