Lockdown intensifies interest in AI-powered, touchless insurance


Lockdown intensifies interest in AI-powered, touchless insurance

The pandemic has made touchless, streamlined insurance processes more important for policyholders and insurers than ever, says Jan Möhlmann, business development director for artificial intelligence (AI) specialist Tractable, ahead of a webinar on advances in this area.

The impact of COVID-19 has significantly accelerated a shift that was already taking place within the re/insurance industry towards fewer points of human contact in the customer journey and claims handling process.

For Tractable, a company whose technology streamlines motor claims handling, the lockdown has intensified interest in its AI system, which assesses car damage in real time using photographs provided by the policyholder or assessor. At the first notice of loss, instead of waiting for a human being to carry out a claims assessment, a customer now can provide images to their insurer and have a decision on a claim returned within minutes.

Tractable has only been live with customers since late 2016, but its solution has already been embraced by leading insurers in all the major global regions – including Tokio Marine, the largest auto insurer in Japan, and Covéa, the biggest in France - quickly taking it from disruptor to mainstream.

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