Guidewire welcomes Xtract as the newest member of their InsurTech Vanguard program, following their successful win at their Dublin Pitch Day event this Summer.
Xtract, founded by CEO, Michael Flanagan in 2017, Dublin, Ireland, interprets connected vehicle data to resolve claims. Xtract can detect and analyze an accident in real-time for insurance companies and commercial fleets to enable rapid claim intervention and resolution. Customers benefit from reduced claim life cycle times, resulting in lower operational expense while mitigating liability.
"Xtract enables insurers to interpret connected vehicle data in real-time to resolve claims rapidly,” said Laura Drabik, Chief Evangelist, Guidewire. “Accessing telematics data from insured vehicles, combined with real-time driver incident reporting, expedites first notice of loss (FNOL) and allows swift claims handler intervention. Understanding the severity of an accident and the at-fault party moments after the event is a game changer. With Xtract, insurers can lower operational costs and mitigate liability associated with each incident.”
InsurTech Vanguards is a community of select startups and technology providers bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to participating InsurTech businesses and connects them with its P&C customers, advocating for their success as part of the program.
“Guidewire's InsurTech Vanguard program plays a crucial role in identifying and selecting InsurTech innovators on behalf of the P&C industry. Xtract Is pleased to be part of this impactful program. With Guidewire's guidance, Xtract works closely with Insurers worldwide to improve claim resolution by leveraging connected vehicle data across personal and commercial lines,” said Michael Flanagan, CEO, Xtract.
