XactNet, the industry's most reliable claims-processing network, passed an historic milestone recently when it processed its 10 millionth claim. XactNet is used by insurance carriers and other professionals to send requests for estimates and services to adjusters, contractors and service providers. The 10 million estimates processed by XactNet since its inception in 1995 have a total value of more than $81 billion and include over 480 million customer-initiated transactions.
The 10 millionth claim was an October 6th water loss in Alabama. A water tank burst flooding parts of a hallway, the garage, and the den. The insurance carrier was notified of the loss and 23 seconds later, an adjuster was notified. The adjuster then contacted and visited the insured's home the next morning.
The adjuster used Xactimate -- the industry's number-one estimating tool -- to estimate the water loss.
Xactimate allowed the adjuster to
- sketch a floor plan,
- add replacement line items,
- estimate a total cost for the loss,
- insert photos of the loss, and
- run reports including an audit report and a price list variation report.
Replacement items included ceramic tile, floor boards, and sheet rock. After leaving the insured's home, the adjuster finalized the estimate and sent it back to the insurance carrier. Quick, seamless communication between the adjuster and the carrier took place through XactAnalysis, the industry's first and foremost full-cycle claims tool.
With the help of Xactware's industry-leading tools, the carrier was able to get the insured back on their feet within a week -- keeping customer satisfaction high with timely service and precision tools.
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