Tractable will deploy its AI solution to help Japan’s property and casualty insurance firm Tokio Marine improve auto claims, through a new partnership.
By leveraging the AI tool, Tokio Marine will be able to accelerate its claims processing. The AI solution leverages computer vision to assess photos of vehicle damage in near real-time, enabling the insurer to quickly understand the extent of the repairs needed.
This partnership marks the first major Japanese insurer to use an AI auto damage assessment tool for its claims process, it said.
The Tractable platform is trained by millions of photos of car damage as well as human appraiser decisions and algorithms.
In Japan, Tokio is also using a new service from Tractable called Loss Adjuster Application. This tool lets the insurer set its own QA checks for repairs to ensure they meet specific standards.
Tokio Marine Group deputy general manager Hidenori Kobayashi said, “In Japan, after an accident it can take two-three weeks to determine the amount that should be paid. By using Tractable’s world-leading AI to assess car damage, we expect to shorten that time considerably, cementing our position as a company proud to pioneer new technology that transforms the claims journey for our customers.”
The two companies have been working together since 2018 to help boost appraisals and virtual assessments. Following the successful trial period, Tokio is implementing the AI tool across its operations. The insurer operates across Asia, Europe and the Americas.
Tractable co-founder and CEO Alex Dalyac said, “We are honoured to be selected as the AI partner by one of the world’s largest insurers. We see this as testament to the quality of our technology, the maturity of our solution and trust in our people. Computer vision is accelerating accident recovery; the technology is here, it’s on the ground and it’s making a difference.”
This partnership comes hot off the heels of Tractable’s $25m Series C round, which was raised to help the InsurTech move into new markets.
The InsurTech’s head of automotive James Spears recently spoke on a webinar hosted by Reuters on the future of claims.
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