AI Can Help Repair Lives After Disasters, Tractable Are On The Case

Insurance is all about being the backstop, healing and repairing lives when things go wrong. Claims after a major disaster can often be complex and sometimes customers feel let down if things take too long to sort out. One solution to that is Artificial Intelligence, where all kinds of admin tasks can be automated to speed up the delivery on claims. Here’s some news from Tractable who are expanding their services into new markets, after securing more funding;

Tractable, the technology company developing AI for accident and disaster recovery, today announces a $25m Series C investment, led by Georgian Partners with participation from existing investors, including Insight Partners and Ignition Partners. The round nearly doubles the total raised by Tractable, to $55m. 

 The investment will accelerate Tractable’s expansion into new markets from the nine countries in which it currently operates. Accidents and disasters affect hundreds of millions of people every year, with a worldwide financial impact exceeding $1 trillion, and recovery for those affected always starts with a visual appraisal. Tractable’s AI uses computer vision to appraise the damage. Models are trained on millions of examples, allowing accurate identification of damage and prediction of repair costs, while improving appraisal efficiency and customer experience.
 

Alex Dalyac, CEO and founder of Tractable, said: “Our mission at Tractable is to bring AI breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives. We’re achieving that every day, as our technology means people across the world are recovering their livelihoods more quickly after an accident. This new investment from Georgian Partners, who have a standout track record in investing in software companies, shows informed investors believe we will scale our success even further and reach new markets, new clients, and new areas to operate in.”

 Tractable’s AI is used today by global leaders – including Ageas in the UK, France’s Covéa, Japan’s Tokio Marine and Polish insurer Talanx-Warta – to analyse vehicle damage effectively and efficiently. With appraisals produced through the AI-driven platform in minutes, repairs can begin sooner, and people’s livelihoods can be restored more quickly. 
 

Alex Dalyac, Razvan Ranca and Adrien Cohen founded Tractable in 2014, and its technology has already helped hundreds of thousands of people worldwide. In addition to offices in the UK and US, Tractable has recently established a permanent office in Japan, enabling it to serve new clients in the Asia region.  

 

Emily Walsh, Principal at Georgian Partners said: “Tractable’s sophisticated approach to computer vision applied to accident recovery is resonating with the largest players globally, who are using the platform to make real-time, data-driven decisions while dramatically improving the customer experience. We’re incredibly excited to partner with the Tractable team to help them move even faster on bringing the next wave of technological innovation to accident and disaster recovery across the world.”

 

Lonne Jaffe, Managing Director at Insight Partners and Tractable Board Director, said: “Tractable has achieved tremendous scale in the past year with a customer base across nine countries, a differentiated data asset, and the expansion of their team to over 100 employees across London, New York, and now Tokyo. We are excited to continue to invest in Tractable as the team brings its powerful AI technology to many more countries.”

 
About alastair walker (3120 Articles)
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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