Claims handling is a stressful process, and a poorly handled claim can prompt the typical UK car driver to switch insurers, plus complain right across social media. But the accident management sector is rapidly evolving and the main reason for that is simple; Artificial Intelligence.
Following a successful deployment of Tractable’s AI Approval technology with insurance giant Ageas, Tractable is now launching its next generation technology in the UK. Tractable offers ‘touchless’ claims handling for non-structural damage claims based on its photo recognition technology. The new technology ’AI Estimating’ will save time, cut costs and transform the claim experience on more than 60% of motor claims.
The technology works by streamlining the normal claims process – from First Notification of Loss (FNOL) to an insurer-approved estimate – to a matter of minutes, rather than days, without the need for human intervention.
When a policyholder needs to claim for vehicle damage, they simply photograph the damage and upload photos onto a web app. Tractable AI analyses the photos in seconds and generates a repair estimate. The estimate includes a damage assessment and the repair costs; including parts, paint and labour. It can also be used to triage the claim to smart repair, repair or total loss straight away.
Tractable AI has seen and been trained on hundreds of millions of images of damaged vehicles from its global network of customers and uses repair data from Thatcham in the back end to generate a repair estimate. The app is white-labelled under the insurer’s brand name so that the claimant only sees the insurer’s brand throughout the process.
This streamlined approach is reducing the average claim handling lifecycle from days to minutes, which reduces the cost for everyone in the claims process. This reduces costs for insurers who then receive accurate estimates within minutes without the need for further claim review.
It takes out the administrative burden for repairers, who can focus on the repair rather than tedious manual damage assessment and plan vehicle throughput better. It also provides better outcomes for customers as they get their damaged car or van back sooner and feel certain that the repairs met the industry standard.
Adrien Cohen, Chief Commercial Officer of Tractable, said:
“This next generation of AI technology is going to transform the way in which motor claims are handled. It creates an estimate in minutes and can be deployed at scale. It is driving a new industry standard with the most un-biased and accurate claims handling.
“We wanted to make life easier for the whole claims ecosystem, the customer, insurer and the repairer by reducing the pain points in the claims process and making the whole claims lifecycle smoother. The web-based app is easy for claimants to use, works on any vehicle and significantly reduces administration for the insurer and repairer. This is a huge step forward for the insurance industry and will improve the whole claims process for all involved.”
Andy Homer, former CEO of Axa Insurance UK and one of the investors in Tractable , added: “Tractable have developed ground breaking technology using AI, which will improve the entire customer experience as insurance companies harness the benefits. This really will change how insurance companies manage collision claims – the entire process is being reinvented.”