Tractable, an applied AI company, has partnered with global data and analytics provider Verisk to offer AI-powered estimates for property damage.
Tractable is an applied AI company that uses computer vision to assess homes.
Tractable’s AI leverages deep learning for computer vision, as well as other machine learning techniques to make accurate decisions. The technology is also able to make recommended repair operations and guides the claims management process.
Verisk provides data-driven analytic insights and solutions for the insurance and energy industries.
By integrating with Tractable, Verisk will be able to significantly help accelerate insurance claims processing and home repairs.
Tractable’s AI property solution allows policyholders to take and submit photos of damage through a mobile-friendly, web-based app.
The AI, trained on a large database of claims and damaged property, then quickly identifies, classifies and measures the property damage, enabling automated estimates to be generated on Verisk’s Xactimate® platform.
Tractable said that insurers that use Xactimate can access reliable property estimates and help cut the time to settle a property claim from months to as little as one day.
Aaron Brunko, senior vice president at Verisk Property Estimating Solutions, said, “We strive to deliver technology-driven solutions that help insurers respond to their customers when it matters most—after a loss.
“Working with Tractable to bring end-to-end automation to property claims processing marks an industry turning point, especially as insurers seek solutions to improve the policyholder experience, reduce cycle times and optimize spending. And with more frequent and severe weather events affecting communities, leveraging AI to help accelerate recovery becomes even more timely and crucial.”
Alex Dalyac, co-founder and CEO of Tractable, added, “Working with an industry authority such as Verisk helps us demonstrate the power of AI to solve real-world problems—like helping homeowners get back on their feet in their time of need.”
In November last year, Tractable partnered with The UN Capital Development Fund (UNCDF), to bring the speed and accuracy of artificial intelligence (AI) to disaster recovery in Fiji.
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