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GEICO partners with Tractable to accelerate accident recovery with AI
-Tractable s AI assesses vehicle damage in seconds, helping customers get back on the road faster by accelerating claim processing
-GEICO will use AI to improve speed and accuracy of estimate review
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NEW YORK, May 26, 2021 /PRNewswire/ GEICO, the second-largest auto insurer in the US, is partnering with Tractable to accelerate its auto claim and repair process. Tractable s proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. Inserting AI into the process, GEICO will be able to accurately review estimates within seconds while also reducing administrative overhead.
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In the Before Times, Jerry McNee wasnât always a fan of appraisers. McNee is the president of Ultimate Collision Repair, an auto repair shop in Edison, New Jersey. From his perspective, appraisers and claims adjusters, paid by insurance companies, generally want to pay less for repairs than he thinks his shop deserves.
Since Covid-19 swept the globe last year, McNee sees far fewer appraisers. Instead, insurers are deploying technology, including photo-based estimates and artificial intelligence. McNee kind of misses his old adversaries. âWhen the appraisers were here, face to face, you had a better relationship with them,â he says. âThe appraiser knew you, he trusted you.â
Claims Business: Tractable, Charles Taylor and Chubb February 1, 2021
Tractable Inks Deals with The Hartford, Mitchell
Tractable, a London-based insurtech that uses artificial intelligence to create damage estimates from photographs, has expanded its presence in the US property and casualty market with two deals announced this week.
Tractable has formed a partnership with Mitchell to use the San Diego-based claims administrator’s collision repair data in its platform. Tractable also announced that The Hartford has signed on with Tractable to analyze auto damage claims.
“Tractable’s AI acts as a human appraiser, using proprietary computer vision to examine photos of vehicle damage and return a list of part-level repair operations seconds after photos are submitted,” the company said in a press release.