Tractable, a London-based start-up offering an automated audit claims product, is now launching in Europe, following a partnership with North America.
The new software uses artificial intelligence (AI) to process claims through insurers’ back office systems to streamline the claims management process, saving time, contain costs and improve customer outcomes, according to the press release.
Filling in for what a claims handler would do, the AI views images of vehicle damage and makes an assessment within seconds, the company claims. The estimates for repair can then be quickly reviewed and authorised.
The product also identifies and flags any suspicious claims to help prevent fraud.
This is not the first insurtech company to use AI to streamline the claims management process, as the US-based Lemonade recently set a ‘world record’ for a claim paid in under three seconds.
Tractable previously signed a deal with US-based Mitchell International, which implemented the technology to its smart solutions portfolio for customers in the US and Canada.
Debbie Day, executive vice president and general manager of Mitchell International, said: “Our industry is ready to adopt intelligent solutions leveraging machine learning technologies. There are many activities we believe can be improved using these capabilities and we are thrilled to partner with Tractable to bring innovative solutions forward.”
Alex Dalyac, CEO of Tractable, added: “Our technology is going to change the way that motor claims are managed. We have trained computers to see exactly what humans see, but they do it at greater scale, speed and accuracy.
“Winning the partnership with Mitchell International is testament to the technology’s performance and its ability to integrate with any insurer’s information systems. We are focused on saving insurers time and money in North America and are now bringing this to the European market. UK insurers are facing increasing pressure to reduce claims costs right now while improving customer outcomes and our technology can help them achieve this.”
Tractable, AI, Technology, UK, North America, Europe