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 analytics platform. Xtract’s solution has been embedded within the Genasys Technologies platform.
UK based 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 an 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 our new partnership with Xtract represents a massive value-add to our proposition to motor insurers.”
Genasys will use the Xtract platform to access incident liability and visualise telematics data in their native South Africa. Xtract’s patented capabilities will enable Genasys to bring this unique offering to a market that has one of the highest penetrations of telematics globally. This new capability will have a positive impact on the South African motor insurance industry by bringing best-of-breed Connected Car technologies to the claims process.
Michael Flanagan, CEO at Xtract, comments: “We are pleased to be partnered with Genasys to enable advanced Connected Car analytics to the South African market. 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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