The companies said that Xtract’s solution can lead to lower operational expense and reduced liability exposure, with benefits also extending to the insurance carrier. - Image: Geotab

The companies said that Xtract’s solution can lead to lower operational expense and reduced liability exposure, with benefits also extending to the insurance carrier.

Image: Geotab

Geotab and Xtract announced the availability of the Xtract analytics platform on the Geotab Marketplace. According to a news release, fleet managers can benefit from access to immediate insights stemming from a collision for more efficient and accurate resolution, helping to lower overall liability.

Xtract enables digital collision reporting from within the Geotab platform, combined with telematics-powered collision reconstruction. By overlaying telematics data with other relevant information such as driver notes, weather, and more, Xtract’s solution is designed to facilitate an accurate and speedy assessment of an incident, helping lead to lower operational expense and reduced liability exposure. These benefits also extend beyond the fleet to the insurance carrier, enabling more effective and efficient claims processes leading to improved underwriting results.

"High deductibles and escalating insurance costs place a big burden on fleets. Our telematics-powered analytics allow both fleets and insurance carriers to better manage the risks and liability associated with collisions,” said Tim McCarthy, EVP of business development, Xtract. 

With the addition of Xtract on the Geotab Marketplace, the over 40,000 Geotab customers worldwide will have access to a solution that visualizes crash data for the auto insurance industry.

“Insurance and claim services are undergoing a digital transformation,” said Jim Davis, vice president, insurance, Geotab. “This InsurTech transformation is led by a variety of innovative solutions that help address legacy post-collision process and cost challenges. We are excited to collaborate with Xtract to deliver valuable services within Geotab’s InsurTech ecosystem, helping to better enable our customers and insurance partners to benefit from a more seamless claims experience.”

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