Second-largest US car insurer picks London’s Tractable for AI push
Tractable’s computer vision tech will accelerate claims and repairs for Geico.
Insurtech Tractable has found a new customer in the US market in the form of Geico, the Berkshire Hathaway-owned car insurance giant.
With 28m vehicles covered by its policies, Geico will use Tractable’s computer vision tech to review repair estimates through photos rather than by sending out a human appraiser.
“Geico customers know us for our speed of service and value,” said Geico CEO Todd Combs. “Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster.”
Tractable has trained its technology with millions of historical claims to assess vehicle damage just like a trained human would.
“Through this partnership, our AI will make a positive difference to millions of lives,” said Alex Dalyac, CEO and founder of Tractable.
The startup says its tech now processes over $2bn worth of claims every year, and has been adopted by 20 of the world’s top insurers across Europe, Asia and North America.
Last year Poland's largest insurer PZU adopted Tractable’s technology in order to inspect repairs done by body shops to its customers' vehicles instantly with just a photo of the completed repair.