This is the question we asked ourselves in 2017 in the wake of Ireland’s motor insurance crisis.....
From what we could see, the industry was crying out for a solution to its problems. There was very little factual evidence behind a crash, most of it was biased. This was leading to some very avoidable frictional costs associated with processing claims and an unnecessary indemnity spend on liability and fraud.
From our deep knowledge of vehicle telematics space we saw an opportunity to change this by introducing crash data into the claim workflow. Our vision was to extract data at the source, analyse it and visualise it for a claim handler, all in real-time. The thinking was, that by extracting the data we could extract value for the claim handler by delivering them with actionable insights into the motor incident at the moment of impact. This ultimately speeds up the claim process, allowing accurate liability identification and fraud detection, in turn, eliminating significant costs from the claim.
Since then, we’ve been quietly building the platform alongside some of the best and brightest in Data Science and Physics across the UK and Ireland. We are also honoured to be nominated for an award on the 26th of this month through Knowledge Transfer Ireland In addition to this, we have secured unique data partnerships which will enhance our platform and enable us to add even more context to incidents, facilitating the swift assessment of a claim at First Notification of Loss (FNOL).
Xtract's hardware agnostic platform takes raw crash data, aggregates it and visualises it at the moment of impact.
For those that know us, we’re very thankful for your support. And for those who don’t know us, we look forward to getting in touch. if you're interested in seeing us, we’ll be unveiling our product at TU Automotive Europe this Wednesday in the ILEC Centre in London:
There are still tickets available!
In the meantime please check out our website for more information at: www.xtract360.com
Keep you posted!