InsurTech company Tractable is helping property and casualty insurer The Hartford leverage AI tools to accelerate auto claims, as part of a new partnership.
Tractable’s AI technology leverages computer vision to assess photos of care damage and provide appraisals to the same degree as an expert human appraiser. Through this, the company can speed up processing of claims from days to minutes, removing all inefficiencies from the process and helping insurers and repairers get to work quicker.
Tractable co-founder and CEO Alex Dalyac said, “We are honored to announce this partnership. We see this as a testament to the quality of our technology, the maturity of our solution, and the 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 deal is being enabled thanks to another recent partnership by Tractable. Earlier in the week, Tractable revealed a partnership with Mitchell, a developer of smart technology and solutions to improve the auto insurance, collision repair, disability and workers’ compensation markets.
The deal sees Mitchell’s collision repair data integrated with Tractable’s AI, helping to rapidly accelerate damage appraisal.
Tractable, which was founded in 2015, has been on a partnership spree over the past year. In 2020, the InsurTech signed deals with two Japanese insurers Tokio Marine and MS&AD, helping both to improve their claims processes.
The InsurTech100 company also formed an agreement with Spanish insurer Admiral Seguros, helping it become the first insurer in the country to use an AI tool to assess vehicle damage.
Earlier in the year, Tractable president Adrien Cohen told FinTech Global what he thinks will be some of the biggest trends in 2021.
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