Verisk launches XactAI to streamline property claims processing

Verisk, a provider of data analytics and technology solutions for the insurance, energy, and financial sectors, has introduced XactAI, a new suite of artificial intelligence tools aimed at improving the efficiency and consistency of property claims handling.

XactAI is integrated into Verisk’s Xactware platform, widely used by insurance professionals and claims adjusters. The tools leverage AI and generative AI to automate tasks such as summarising complex claim information, organising documentation, and supporting workflows across the claims process.

The platform is designed to assist insurance professionals, adjusters, and contractors by reducing routine administrative work and helping support data-driven decision-making, ultimately aiming to improve the claims experience for policyholders.

The system is built to work alongside human judgment, with all AI-generated outputs subject to review and modification. At launch, XactAI can summarise lengthy claim notes into concise overviews, automatically label and describe photos, generate structured summaries from audio and video recordings, and categorise receipts for additional living expenses to help policyholders track reimbursable costs during displacement.

“By harnessing the best and most tested capabilities of generative AI to automate repetitive administrative tasks, we’re helping claims professionals make time for the most rewarding part of the job: bringing the parties to a claim together to help make policyholders whole, with greater speed and accuracy,” added David Obert, Chief Product Officer of Property Estimating Solutions at Verisk.

XactAI is built on a secure, cloud-native infrastructure with enterprise-grade security and industry-specific safeguards. All data, including images, documents, and receipts, is encrypted and managed in line with Verisk’s privacy, compliance, and human oversight standards, as detailed in the company’s Ethical AI principles & commitment.

The platform also supports regulatory compliance by maintaining audit trails, documentation standards, and other insurer obligations.