Tractable provides an artificial intelligence (AI) solution for assessing vehicle and property damage, improving the claims process for both the insurer and policyholder. According to PitchBook, the company is valued at over $1 billion.
InsTech’s Ali Smedley caught up with Sakina Najmi, Tractable’s Vice President Marketing, to discuss the company’s new property offering, how Tractable’s AI can be used to improve sustainability and its recent rebrand.
How has Tractable’s offering changed since the company was founded in 2014?
The company has grown rapidly since 2014. Having begun as a London-based startup, we have expanded to the US, Japan, Germany, France, Australia and Thailand, among other regions. Although originally focused on automotive damage appraisal, we now provide five core products: AI Review, AI Estimating, AI Inspection, AI Subro and AI Property.
AI Property was launched last year – what does it do?
AI Property uses images captured on a policyholder’s smartphone to assess the damage to their home after a natural catastrophe. This allows claims to be settled quickly, within as little as one day in some cases. It also removes the need for an on-site property appraiser. This is particularly useful in the wake of a natural catastrophe, when it can be challenging and potentially dangerous to travel to impacted areas.
How is AI Property incorporated into an insurer’s workflow?
Tractable’s offering is normally “white labelled” and so is provided under the insurer’s brand. After a natural catastrophe, a policyholder will contact their insurer. They will then be sent a link to the Tractable web application where they will be guided on how to take photographs and upload them. Tractable’s AI will then calculate a damage estimate, calibrated to the insurer’s standards and authorised repairer costs. Claims can then be triaged by the insurer to determine the next course of action.
What are the differences in applying AI to assess damage to properties compared to cars?
Using AI for property is more of a challenge than auto. There is much more variation between individual houses than cars. Within each country, each city and even each neighbourhood there are so many different structures. Tractable has worked with property experts and prioritised the property attributes where AI appraisal can add the most value. This includes standalone external objects and roofs.
What insurers does Tractable work with?
Tractable works with over 35 of the world’s largest insurance companies. We have recently announced our partnership with Aviva, which will now use Tractable’s AI to speed up its auto claims process. In Japan, insurer MS&AD uses AI Property to help homeowners get repairs authorised more quickly for losses during typhoon season. Other clients include Ageas, Tokio Marine, SOMPO, Admiral Seguros, MAPFRE and Covéa.
Tractable has recently rebranded. How has the company’s positioning changed as part of this?
Our focus was originally on how Tractable’s AI can benefit insurers. We are now also highlighting how our technology is used to benefit people and the planet. With the launch of AI Property, people are able to recover from natural disasters much quicker. Tractable’s AI is also reducing environmental impacts by detecting recoverable parts after a car accident and decreasing carbon emissions related to the claims process.
How does Tractable work with insurers to improve their sustainability?
Our partnership with Aviva is helping it to reach its 2040 net zero target by remotely identifying which parts of a damaged car can be repaired. This eliminates travel that would otherwise have to be made by an assessor, prevents parts from being unnecessarily discarded and reduces the number of new parts that have to be ordered and shipped. Tractable also works with LKQ, a US-based provider of vehicle repair parts, to improve the recycling of salvage vehicles. Tractable’s AI can detect what parts can be recovered and sold on.
What areas is Tractable looking to expand into across 2022?
We are looking to expand into countries outside of our core markets by the end of this year. Tractable’s most recent products, AI Property and AI Inspection, are currently focused on the US and APAC markets, but we are planning to launch these products in Europe as well. We are also exploring car assessment use cases outside of accidents and insurance claims, such as whether a rented car has been scratched or dented.
What companies is Tractable looking to connect with?