Verisk Analytics launches XactAI suite of capabilities

Verisk 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. 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 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.