Root Insurance, a public US-based InsurTech company, has teamed up with InsurTech100 company Tractable to bolster claims operations.
As part of the deal, Root will implement the Al Subro solution to help it assess and respond to subrogation demands more accurately and efficiently. The insurer will benefit from AI technology to accelerate its end-to-end claims process, beginning with subrogation.
Subrogation is the process in which two insurance carriers align on the split of expenses when multiple parties are involved in a claim. Tractableâ€™s AI Subro solution reviews subrogation requests made by one insurance carrier to another and helps them to reach consensus more quickly and consistently.
Root chief claims and customer service officer Mark LeMaster said, “Implementing AI effectively will set the next generation of insurers apart from incumbents by creating greater efficiencies and a frictionless experience for consumers. The industry-leading accuracy and breadth of Tractable’s solutions made for a clear choice as our AI partner and serves us well in our mission to deliver world-class technology when it matters most for our customers.”
Tractable develops AI software for accident and disaster recovery, with its solutions processing more than $2bn a year in vehicle repairs and purchases. Its technology is used by over 20 of the global top 100 insurers across Europe, North America and Asia.
Speaking on the deal, Tractable co-founder and CEO Alex Dalyac said, “It’s been exciting to watch Root’s rapid growth and to now partner together and help drive Root’s frictionless customer experience forward.
â€œAs the technology-first, customer-centric carrier, Root’s adoption of solutions that get its drivers back on the road more quickly after accidents demonstrates to the industry that AI is the future.”
Tractable had a very successful 2021. In June, the InsurTech company raised $60m in a late-stage funding round, which was led by Insight Partners. The deal brought its valuation up to $1bn and made it the first British computer vision-oriented startup to reach this milestone.
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