Verisk Introduces New AI Tools to Streamline the Property Claims Experience
Rhea-AI Summary
Verisk (Nasdaq: VRSK) has launched XactAI, a new artificial intelligence suite integrated into their Xactware property claims software. The AI-powered tools aim to streamline insurance claims processing through automated features including note summarization, photo labeling, transcription summaries, and receipt categorization for Additional Living Expenses (ALE).
The system maintains human oversight, allowing claims professionals to review, edit, or override AI-generated content. Built on secure cloud infrastructure, XactAI incorporates enterprise-grade security protocols and adheres to Verisk's Ethical AI principles while supporting regulatory compliance and audit requirements.
Positive
- Introduction of AI automation to streamline claims processing workflows
- Human oversight maintained for all AI-generated content
- Enhanced security features with cloud-native infrastructure
- Multiple practical applications including note summarization and receipt categorization
Negative
- None.
Insights
Verisk's new XactAI suite enhances claims efficiency through automation while maintaining human oversight, potentially improving service delivery and competitive positioning.
Verisk's launch of XactAI represents a strategic enhancement to its core Xactware product suite, which is already widely used throughout the insurance claims industry. The new AI capabilities target critical efficiency bottlenecks in the claims process by automating four key administrative functions: note summarization, photo labeling, audio/video transcription, and receipt categorization for Additional Living Expenses (ALE).
What makes this development particularly significant is its focus on augmenting rather than replacing human decision-making. All AI-generated outputs require human verification, which addresses a major adoption barrier for AI in regulated industries like insurance. This hybrid approach helps Verisk navigate the complex regulatory landscape while still delivering productivity gains.
The ALE receipt categorization feature is especially noteworthy as it targets a particularly labor-intensive aspect of property claims that directly impacts policyholder experience. By streamlining how displaced homeowners document expenses, Verisk is addressing both operational efficiency and customer satisfaction in one solution.
From a technology perspective, Verisk is emphasizing security and compliance, critical factors for insurance carriers considering AI adoption. The press release specifically mentions encryption, privacy standards, audit trails, and alignment with the company's established Ethical AI principles - all essential considerations for insurers operating under strict regulatory frameworks.
This product launch positions Verisk to potentially capture additional market share in the increasingly competitive insuretech space, where AI-driven efficiency is becoming a key differentiator. By embedding these capabilities within their existing Xactware platform, they're creating natural upgrade opportunities within their current customer base rather than requiring disruptive implementation of entirely new systems.
XactAI brings new automated capabilities to Verisk’s Xactware, a leading software for claims professionals
JERSEY CITY, N.J., Sept. 30, 2025 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading data analytics and technology provider to the global insurance industry, today 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 (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.
For more information on XactAI or to schedule a demo, click here.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
Morgan Hurley Verisk Morgan.Hurley@verisk.com 551-655-7858
FAQ
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