InsurTech Tractable, has partnered with The UN Capital Development Fund (UNCDF), to bring the speed and accuracy of artificial intelligence (AI) to disaster recovery in Fiji.
Tractable is an applied AI company that uses computer vision to assess homes.
The partnership will see the InsurTech work with UNCDF’s Pacific Insurance and Climate Adaptation Programme (PICAP) to help verify insurance claims, in an effort to speed up claim settlements.
Tractable and UNCDF will collaborate to develop a smartphone application for Fiji residents to upload images of property damage immediately following a cyclone or flood. These events are covered under the climate risk parametric micro-insurance product through the UNCDF-led program.
The images will be assessed by Tractable’s AI technology to verify damage with partner insurers to enable the quick release of funds, which Tractable said means policy holders can begin rebuilding again in just a matter of days.
Krishnan Narasimhan, PICAP program manager, said, “UNCDF catalyzes market players and supports the ecosystem to develop and deploy innovative climate disaster risk financing and insurance solutions, delivered through digital tools. We have been working with partners on testing frontier technologies, and this project with Tractable is yet another example of the developing body of innovative solutions coming through the Inclusive Insurance Solutions hub that UNCDF manages under PICAP.”
Alex Dalyac, co-founder and CEO, at Tractable added, “It’s an honor to demonstrate the real-world impact AI can bring alongside UNCDF, which is known for its effort in expanding the financial ecosystem in the areas of the world that need it most. Especially as climate change takes hold and increasingly challenges regions such as the South Pacific, we look forward to leveraging our AI to make disaster recovery a quicker and more equitable process around the world.”
Tractable’s AI technology has expanded from assessing auto damage, to property. The company recently explained how the technology does this.
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