Japanese property and casualty insurance group MS&AD is to use artificial intelligence (AI) technology to accelerate its motor insurance claims process.
The insurer has partnered with insurtech Tractable to deploy its AI technology across its core subsidiaries Mitsui Sumitomo Insurance (MSI) and Aioi Nissay Dowa Insurance (ADI).
MS&AD will use Tractable’s solution to accelerate accident recovery for over hundreds of thousands of claims a year, by as much as two weeks per claim.
Tractable’s AI uses computer vision to appraise the damage caused by accidents and disasters, allowing accurate identification of damage and prediction of repair costs, as well as saving time and improving customer outcomes.
The AI application has processed over $1 billion in auto claims for insurers including Ageas UK, Covéa and Poland's Talanx-Warta.
Keiji Goto, general manager for technical support, claims division at MSI, said: “By applying Tractable’s market-leading AI, we will be able to solve long-standing challenges to the claims cycle, such as how to accelerate supervisor approval of work carried out by our appraisers. We’re excited by the standard of the AI and its capacity to help us make better, faster decisions for our customers.”
Tadashi Yamanaka, staff GM, claims administration department at ADI, added: “Tractable’s AI will change how insurance claims are processed. As a result, drivers across Japan will see a faster response time to their claims, proving ADI’s commitment to delivering the best possible service.”
Alex Dalyac, co-founder and chief executive of Tractable, said: “It’s inspiring that one of the world’s leading insurers is making a bold move into the future with Tractable. By deploying our AI across Japan, MS&AD will enable its policyholders to benefit immediately from cutting-edge technology that shortens the claims cycle by weeks.”
MS&AD, Tractable, Keiji Goto, AI, motor, claims, partnership, technology, Asia