Artificial Intelligence (AI) is set to transform the way that insurance companies handle motor claims, according to a company that has launched a new AI claims system in Europe.
Tractable, which is about to see its technology being used in the US and Canada, says that its system can reduce the average claims lifecycle from days to minutes by doing what claims handlers would usually do in a fraction the time. The AI developed by Tractable views images of vehicle damage and makes an assessment within seconds, It also allows repair estimates to be quickly reviewed and authorised.
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.
According to Tractable its technology also provides a more consistent framework, which can help ensure insurers always pay an accurate amount on their claim. This means that insurers can then get vehicles back to policyholders sooner than is currently the case.
In North America, Mitchell International has signed a deal to use the technology. Debbie Day, executive vice president and general manager at 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, chief executive officer at 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.”