Tractable has partnered with a major insurer to assess claims using AI
London-based startup Tractable has partnered with multinational insurance giant Ageas to utilise its artificial intelligence (AI) technology to assess insurance claims.
In yet another example of the creeping adoption of machine learning across industries and sectors, the pairing will allow the Belgian insurance firm to carry out the traditionally time intensive task of assessing vehicle damage from images in a matter of seconds.
The tech will also allow Ageas to red flag any potentially fraudulent insurance claims, with case handlers working in tandem with Tractable’s AI system to ensure more accurate and objective payouts.
In comments reported by City AM, Ageas Transformation Director Rob Smale said that the insurer was keen to roll the technology out across its operations following a successful trial last year. Smale described the results of the pilot as ‘impressive’ and the Ageas was keen to push the technology out ‘at scale’.
Tractable, which is based out of East London, has developed a suite of AI image recognition solutions for the insurance industry, as well as maintenance jobs and medical imagery.
Co-Founder and Chief Executive Officer, Alex Dalyac believes the technology has immense potential for the insurance industry to bring down costs and settle claims almost instantly.
He said: “Our AI understands imagery like experts do. It will impact any industry that relies on visual tasks.
“AI will eventually enable claim settlement in minutes. Our success with Ageas is a thrilling first step.”