Tractable has released a new AI solution that can assess a vehicle’s external condition and possible damage within minutes.
Its AI Inspection solution can be used by anyone with a smartphone and can assess a vehicle directly through the web-based app. The user simply walks once around the car and the AI technology will assess the damage.
Once the video is uploaded, the AI can recognise which parts are damaged and can even interact with the person taking the video to request specific additional information on the spot. This ensures the state of the car is collected accurately.
The tool can be used when purchasing or selling a vehicle, returning a rental or leased unit, or recycling parts at end-of-life. It can also be used as part of the underwriting process for new insurance policies.
Furthermore, the platform converts processes completed by an on-sire inspector, such as checking the vehicle condition, to ones that can be completed remotely.
Tractable claims the new tool will help companies ranging from dealerships to wholesale automotive marketplaces.
Tractable head of automotive Jimmy Spears said, “With AI Inspection, we have created a powerful AI tool that is not only capable of accurately assessing the exterior condition of a vehicle’s body, but can be carried around in your smartphone.
“This is an immense technical achievement, putting expert-level assessment in the hands of anyone – meaning understanding a vehicle’s condition is not only more efficient, but also more transparent.
Tractable’s AI has been trained on hundreds of millions of images to better understand auto damage and is trusted by more than 20 of the world’s leading insurers and automotive companies.
The InsurTech company has had a busy 2021. It recently reached a valuation of $1bn, following the close of a $60m Series D. With this, Tractable became the first British computer vision-oriented startup to become a unicorn.
Other recent activity includes signing agreements with LKQ North America, a provider of alternative vehicle parts, and Italian insurance firm Sara Assicurazioni.
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