New software from Tractable, the Artificial Intelligence (AI) technology specialists, is set to radically transform the way that vehicle damage claims are handled.
Tractable has developed a technology that uses AI to process claims and it saves time, contains costs and improves customer outcomes. Following a successful partnership in North America, Tractable is now launching in Europe.
The technology works by using software to do what a claims handler would do in a fraction of the time and with more consistent decision making. The AI views images of vehicle damage and makes an assessment within seconds, streamlining a process that is tediously manual.
Repair estimates can be quickly reviewed and authorised, bringing reliability and speed to the claims process for all.
The technology connects with insurers' back office systems to streamline claim management processes. It also identifies and flags any suspicious claims for investigation to help prevent fraud.
This streamlined approach is reducing the average claims lifecycle from days to minutes, which reduces the cost for insurers. It is providing a more consistent framework, which can help ensure insurers always pay an accurate amount on their claim. It also provides better outcomes for customers as the policyholder can get their vehicle back sooner.
The technology is already set to be used in the US and Canada, where Mitchell International has signed a deal to bring the technology to its smart solutions portfolio and deliver it to customers. Commenting on the technology, Debbie Day, Executive Vice President & 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."
Following the success of the partnership in the US, Tractable is now launching the technology in Europe and is working with insurers here. Alex Dalyac, Chief Executive Officer of Tractable, said: "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."
For more information about Tractable visit http://www.tractable.io/