How to Speed Up Claims Processing and Reduce Cycle Times with Xtract
Written by Meghan Shirchenko | Read
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How to Speed Up Claims Processing and Reduce Cycle Times with Xtract
At DiCAN, fleet safety is our top priority. Part of fleet safety is having an efficient and effective incident management process. Let’s face it, even when all precautions are taken, incidents can still happen! With the incident management technology from Xtract, your fleet will not only be protected from fraudulent claims, but you will also achieve resolution in days instead of months. Let’s take a closer look at how Xtract is revolutionizing claims processing.
Challenges for Traditional Claims Processing
For years, claims processing has been synonymous with paperwork, phone calls, and endless back-and-forth communication. This outdated approach leads to:
- Delays: Manually gathering and verifying information takes time, leaving customers frustrated.
- Errors: Human input increases the risk of mistakes, which can lead to disputes or rework.
- High Costs: Inefficient processes drain resources, driving up costs
The Role of Automation in Claims Processing
Automation is transforming the insurance industry by streamlining repetitive tasks and enabling faster decision-making. Here’s how it helps:
- Faster Data Collection: Automated systems, like Xtract, can instantly gather data from various sources, such as telematics devices, dashcams, photos, and customer inputs. This eliminates the need for manual data entry and speeds up the initial stages of claims processing.
- Accurate Assessments: Advanced analytics and machine learning tools analyze the data to assess the severity of a claim. By providing a clear picture of the incident, these tools help adjusters make informed decisions faster.
- Seamless Communication: Automation streamlines communication between insurers, customers, and third parties (e.g., repair shops). With everything integrated into a single platform, updates are shared in real-time, reducing delays.
- Reduced Human Error: Automated processes minimize the risk of errors in data collection, analysis, and reporting, ensuring claims are processed accurately the first time.
How Xtract Speeds Up Claims Processing
Xtract takes automation to the next level by combining powerful technology with user-friendly design. Here’s how it helps insurers reduce cycle times:
- Improved Reporting Efficiency: using the no-install web app users are able to notify handlers of incidents instantly using real-time data
- Visual Incident Reconstruction: The platform automatically integrates with telematics systems and generates a detailed visual reconstruction of accidents using on-board diagnostics (OBD) and dashcam data. This not only saves time but also enhances transparency and trust and protects against contentious claims.
- Real-Time Collaboration: Xtract’s collaborative tools allow all stakeholders—from adjusters to repair shops—to work together in real-time on one pane of glass, providing incident data on a common platform. With everyone on the same page, claims are resolved faster.
Results That Speak for Themselves
- Faster FNOL (First Notice of Loss): Automating the initial reporting process reduces delays, so claims get started right away.
- Shorter Cycle Times: With streamlined workflows and real-time collaboration, claims are resolved in days instead of weeks.
- Reduced Operational Expense: Due to increased efficiency and reduced time spent on claims
- Reduced Vehicle Downtime: When claims are resolved faster, your vehicles can get back on the road sooner, reducing time wasted.
Final Thoughts
In today’s fast-paced world, time is money—literally. Whether it’s a fender bender or a major collision, you need your claims to be resolved quickly and accurately. Yet, traditional claims processes often involve manual tasks, delays, and inefficiencies that slow everything down. Xtract’s technology processes claims faster and reduces cycle times, saving you money and time.
