The insurtechs solution has quickened the process of settling a claim that has traditionally been slow within the industry by using artificial intelligence
Insurer Ageas is using Tractable’s artificial intelligence (AI) solution to create car damage assessments and repair estimates for vehicles.
The insurtech’s solution uses photos as an accident is reported, the AI identifies what part of the vehicle is damaged and to what extent, this enables policyholders can receive decisions on the next steps as quickly as possible.
This has traditionally been a lengthy process in the insurance industry, taking up to a month or more if it is a complicated claim or it goes through a portal. The insurtech claims that Ageas are the first insurer to use this type of technology in the UK in this manner.
This accelerates Ageas’ response time by allowing damage on a vehicle to be assessed faster and a full repair estimate to be generated including labour costs.
It follows the two firms running a trial in the UK last year and as a result they will now be scaling this technology to resolve claims each month.
Insurer efficiencies
Robin Challand, claims director at Ageas, said the company works ”to make insurance easy for our customers by delivering a best-in-class service. We look to digital innovation to help us deliver this.
“We realised that Tractable’s cutting-edge technology could make a real difference to our customers in the aftermath of an accident and by using Tractable’s AI we have improved our claims experience by supporting customers when they report claims and assisting our repairers in the early assessment of what’s required.”
Meanwhile Adrien Cohen, co-founder at Tractable, added: “By harnessing AI at the beginning of the claims process to assess damage and generate estimates, we accelerate every part of it, creating efficiencies for the insurer and greater clarity for the policy holder. With this partnership with Ageas, computer vision is today making a positive difference for people in the real world, by helping them recover from accidents faster.
“It’s the first time that a UK insurer is using AI to generate end-to-end estimates and is a breakthrough in how computer vision - using computers to see and analyse images and pictures - is applied on a commercial basis at scale.”
The solution uses deep learning for computer vision, along with machine learning techniques.
The AI is trained on photos of car damage, and the algorithms learn from experience by analysing a large variety of different examples.
Tractable’s AI has processed over $1 billion in auto claims for Covéa, Tokio Marine and Talanx-Warta.
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