Verisk Introduces New AI Tools to Streamline the Property Claims Experience

XactAI brings new automated capabilities to Verisk’s Xactware, a leading software for claims professionals

Verisk, a leading data analytics and technology provider to the global insurance industry, announced the launch of XactAI: a suite of capabilities powered by artificial intelligence that are purpose-built to enhance efficiency, consistency, and speed in claims handling.

Now available as part of the Xactware suite of products for property claims, XactAI uses artificial intelligence and generative AI to automate processes such as summarizing complex data and organizing associated documentation. It also offers advanced workflow features to support participants in the lifecycle of a claim including insurance professionals, adjusters and contractors. By supporting consistent, data-driven decisions and expediting routine tasks and workflows, XactAI supports better outcomes for policyholders.

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Each feature in XactAI is designed to augment human decision making. All XactAI outputs are routed through human oversight, allowing stakeholders to confirm, edit, or override AI-generated content. Key features of XactAI at launch include:

• Note Summarization: Quickly summarizes long claim notes into short, clear overviews tailored to the type of loss.
• Automatic Photo Labeling: Uses generative AI to label and describe photos so adjusters don’t have to write initial drafts manually.
• Transcription Summary: Converts audio and video into structured summaries to help document claims faster and more accurately.
• AI-Driven Additional Living Expenses (ALE) Receipt Categorization: Allows policyholders to more easily organize their reimbursable expenses incurred while being displaced from their home by extracting and categorizing key information from receipt images for review.

“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,” said David Obert, chief product officer of Property Estimating Solutions at Verisk.

XactAI is built on secure, cloud-native infrastructure leveraging the most reliable models and training methods, enterprise-grade security protocols and industry-specific safeguards. The data—including images, documents, and receipts—is encrypted, processed within environments that are managed according to Verisk’s rigorous standards for privacy, compliance, security, and human oversight, detailed in Verisk’s Ethical AI principles & commitment. The product also benefits from Verisk’s deep regulatory expertise and is built with compliance in mind: supporting audit trails, documentation standards and insurer obligations.

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