Xtract is an Irish start-up that has developed a connected claims platform for all Internet of Things (IoT) crash data. The company aggregates and visualizes data for motor claims handlers at the moment of impact which empowers them to determine liability, deflect fraud and automate vehicle damage triage.
Profitability in the global motor insurance market is rapidly deteriorating partly due to undetected fraudulent claims, difficult liability assessment and lengthy processing times. Aiming to develop a software application that can re-create a car crash in real time to alleviate these issues, in 2017, Xtract commissioned a consultancy project with the Mathematics Applications Consortium for Science and Industry (MACSI) at the University of Limerick.
The MACSI researchers developed mathematical and statistical modelling techniques. The physical model detects impacts using GPS and accelerometer data recorded prior to and during an accident and identifies the time and force of an impact, the physical point of impact on the vehicle and provides an estimation of the trajectory taken by the vehicle and aspects of the driving itself.
The research team worked closely with Xtract's software team to ensure seamless implementation of the mathematical model into the Xtract software. The company now aims to further scale business development across Europe and the US, armed with a robust, production ready model for the motor claims industry.
Speaking of the project Michael Flanagan, CEO at Xtract says; “The model produced during this consultancy project provided Xtract with the technical foundations that subsequently enabled us to secure pilots, commercial contracts and build strong global partnerships.”
The TTO supported the interaction through provision of the KTI consultancy agreement template tailored to MACSI’s needs. Xtract 360 Ltd and the University of Limerick won the KTI Impact Award for Consultancy in 2018.
Publish date: 2018