Tractable will help GEICO, the second-largest auto insurer in the US, accelerate its auto claim and repair process, as part of a new deal.
Tractable’s computer vision technology, which is trained on millions of historical claims, assesses vehicle damage to the same level as a human appraiser. By leveraging this, GEICO can accurately review estimates within seconds and reduce administrative overhead.
The time between claims and settlements can be lengthy and Tractable believes this is largely down to the ability for an insurer and repairer to quickly review and agree on the repair operations. Tractable aims to reduce this time through its AI.
GEICO CEO Todd Combs said, “GEICO customers know us for our speed of service and value. Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster.”
Tractable founder and CEO Alex Dalyac said, “We are honoured to be chosen by GEICO, one of America’s largest insurers. We are committed to accelerating accident recovery with AI. Through this partnership, our AI will make a positive difference to millions of lives.”
The InsurTech’s AI processes more than $2bn each year in vehicle repairs and purchases. It currently serves 20 of the world’s top insurers, including Tokio Marine, Mitsui Sumitomo, Covéa and Admiral Seguros.
Tractable has made a number of partnerships this year. The InsurTech recently deployed its computer vision technology into Warta, helping the Polish insurer leverage AI across its auto operations to check how claims across its network are handled.
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