Tractable launches tool to revolutionise claims after natural disasters

Tractable, which has developed an AI solution for visual assessment and disaster recovery, has launched a new solution to assess damage to buildings after natural disasters.

AI Property allows anyone with a smartphone to assess external conditions of a damaged property quickly and easily via a mobile-friendly web-based app. A user simply takes photos and submits them to the Tractable platform, removing the need for onsite appraisers to assess damages.

The AI, which has been trained on a large database of claims and damaged property, makes an immediate assessment of the damage it sees and relays this to the homeowner’s insurer. Typically, this claims process can take months after a natural disaster, but Tractable’s app enables the process to start in one day.

Speaking on the new service, Tractable co-founder and CEO Alex Dalyac said, “Climate change is leading to more frequent and severe natural disasters. Hurricanes leave households without a proper home to live in. By allowing homeowners to immediately self-assess their homes via AI augmented damage appraisal, insurers can intervene faster and at greater scale, to help their customers at their time of greatest need.”

The InsurTech company has been working with Japanese insurer MS&AD Insurance Group to use AI Property to help homeowners in the country during the 2021 typhoon season. Its technology has processed claims in a single day.

Following a typhoon, MS&AD policyholders can take pictures of high frequency, wind-related damage to a fence, wall or other outdoor area with their smartphone and send them to their insurer for assessment. The estimates calculated by the AI are all verified by humans.

In the future, Tractable and MS&AD hopes to expand this coverage to include indoor damage, including water leakage and smoke.

Ikuo Kudayama, senior GM, claims division at Mitsui Sumitomo Insurance, subsidiary of MS&AD, said, “We are proud to be the first major insurer in Japan to be using AI to help homeowners after a natural disaster. When a typhoon occurs, the devastation is such that assessing everyone’s homes quickly is not always immediately possible.

“With AI, we use tomorrow’s technology to help our policyholders today, ensuring we help them as much as possible at their greatest moment of need.”

Tractable, which was recently named in the InsurTech100 list, first entered the market with its AI technology to remotely assess the damage of vehicles for auto insurance policies.

It recently partnered with multinational insurance group Mapfre, providing the insurer with its AI-powered claims technology.

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