26 May 2021Insurance

GEICO partners with Tractable on auto claim and repair process

GEICO, the second-largest auto insurer in the US, is partnering with  Tractable to accelerate its auto claim and repair process.

Tractable’s proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. Inserting AI into the process, GEICO will be able to accurately review estimates within seconds while also reducing administrative overhead.

After an accident, the process from filing an insurance claim through to settlement can be lengthy. Tractable believes a key driver of the time it takes to repair a vehicle is the ability for the insurer and the repairer to quickly review and agree on the repair operations. Tractable seeks to shorten that time with its AI.

Tractable’s AI processes over $2 billion a year in vehicle repairs and purchases, serving over 20 of the world’s top insurers, such as Tokio Marine and Mitsui Sumitomo, the largest auto insurers in Japan; Covéa, the largest auto insurer in France; and Admiral Seguros, the Spanish entity of Admiral Group.

Todd Combs, CEO at GEICO, said: “GEICO customers know us for our speed of service and value. Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster.”

Alex Dalyac, Founder & CEO of Tractable, said: “We are honored to be chosen by GEICO, one of America’s largest insurers. We are committed to accelerating accident recovery with AI. Through this partnership, our AI will make a positive difference to millions of lives.”

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