We take a look at how Tractable uses visual AI to accelerate the claim process by helping access, repair and protect cars. Tractable, a tech unicorn in the UK founded in 2014, develops visual artificial intelligence to help repair cars and homes, using photos to assess damage that enables accurate calculation of repair costs. When a car accident occurs, policyholders (or their repair shop) can send photos and videos of the damage to the insurer. Tractable's AI-powered software solution analyzes them in real time and creates an assessment of the damage, including necessary repair measures and costs.
Using artificial intelligence to deliver more accurate results
Recently, Aviva, one of the largest insurance companies in the UK, signed an agreement with Tractable to improve the accuracy and efficiency of engine damage in the UK using artificial intelligence (AI). Aviva says that by applying Tractable's artificial intelligence to assist and guide engineers, it can quickly and accurately complete remote evaluation of repair estimates, increasing diagnostic consistency and reducing the likelihood of errors that could add time to engine claims. Aviva will make this technology available across its entire UK repair network, including Solus (Aviva's chain of private body businesses), which handles tens of thousands of engine damage each year.
Simon Smith, General Manager of Solus, said: “Applying Tractable's AI to our engine demands will yield many benefits. It will increase the accuracy of repair diagnostics across Aviva's UK repair network and make the way we assess vehicle damage more efficient. This means we can start repairing the vehicle and getting customers back on the road. It also helps us work towards our sustainability goal of being a net zero company by 2040. Remotely determining which parts can be repaired rather than replaced has a number of environmental benefits: we avoid the unnecessary trips of an evaluator to look at a claim. person; we prevent safe, working parts from going to landfill; and reducing the volume of green or new parts that need to be ordered and shipped in the first place.”
Tractable also founded a German subsidiary, Tractable GmbH, to expand its business. According to Tractable, its technology helps evaluate and resolve insurance claims worth over €1.8 billion annually worldwide. In the motor insurance sector, Tractable's clients include French market leader Covéa, as well as PZU #1 and #2 in Poland and Warta (part of the Talanx Group). “Germany is the world's third largest insurance market in the field of non-life insurance and it is a country with an economic weight in the EU thanks to Tractable's rapid growth. That's why we decided to establish our subsidiary in Germany and build a German team to lay a solid foundation for our growth in this very important market,” said Alex Dalyac, CEO of Tractable.